# EDGAR Filing Document

**Accession Number:** 0001000694
**File Stem:** 0001398344-25-020786
**Filing Date:** 2025-11
**Character Count:** 18914
**Document Hash:** 5a3610dda39475bda35564875132096b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-020786.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001398344-25-020786

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-48948
- **FILM NUMBER:** 251473029

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHAH CAPITAL MANAGEMENT
- **CENTRAL INDEX KEY:** 0001383838

**ORGANIZATION NAME:**
- **EIN:** 201804775
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 2301 SUGAR BUSH RD
- **STREET 2:** SUITE 510
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27612
- **BUSINESS PHONE:** 919 719 6360

**MAIL ADDRESS:**
- **STREET 1:** 2301 SUGAR BUSH RD
- **STREET 2:** SUITE 510
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27612

## Exhibit 99.1

![](fp0096207-1_01.gif)

---

| |
|:---|
| Himanshu H. Shah |
| Managing Partner and Chief Investment Officer |
| **SHAH CAPITAL OPPORTUNITY FUND LP** |

---

November 12, 2025

Board of Directors of Novavax Inc.

21 Firstfield Rd.

Gaithersburg, MD 20878

As ~8.3% shareholder, Shah Capital has become increasingly disenchanted with the continued squandering of some of the best and safer vaccine and adjuvant technology. Your timid/reactive mindset, inability to properly address operational inefficiencies, and egregiously misleading data points pertaining to claims of non-dilution left us no choice but to make our critical assessment public once again.

**2025-26 Nuvaxovid Wipeout Instead of a Rollout**

We continue to be at a complete loss as to the level of failure this far into the Covid vaccine season with only ~120K shots in arms compared to 14.5 million jabs achieved by your two competitors as of October 31<sup>st</sup> leaving Novavax' market share at **an incomprehensible 0.8% - less than half of last year's pathetic low % share**. Given the growing body of scientific evidence demonstrating that Nuvaxovid offers efficacy equal to or exceeding that of its peers, with superior tolerability, longer durability, favorable regulatory momentum, a more level competitive landscape, an extended six-month shelf life, and rising patient reluctance toward mRNA vaccines—combined with the purported strength of your partner's marketing capabilities—it is reasonable to question whether Novavax and its partner are exhibiting a profound lack of competence or intentionally underperforming. We have observed that pharmacists and patients remain no better informed about Nuvaxovid than they were a year ago, while advertising efforts have been virtually absent. The true tragedy is that a vaccine with proven scientific merit and clear demand is failing to reach the patients who could benefit most. Despite strong underlying science and evident market need, **the disconnect between potential and execution is striking**. Novavax shareholders deserve leadership that is both competent and committed to realizing the company's promise.

**Lack of Proactive Mindset**

With ever increasing level of scientific data showing Nuvaxovid to be just as good or better than mRNA peers in terms of immunogenicity, reactogenicity and durability, **why is Nuvaxovid's P4 trial not incorporating reactogenicity comparison with Pfizer's Comirnaty to potentially achieve 40%+ market share next season?** Also, Matrix-M is claimed to be superior to competing adjuvants on the market and given Matrix-M has no aluminum or thimerosal ingredients, should raise the bar even further in terms of safety. Given the importance of Matrix-M as a differentiating technology, it would be valuable to understand why Novavax has not yet undertaken a direct comparison with leading adjuvants from other major global developers. Such **benchmarking could provide greater clarity on Matrix-M's relative strengths** and reinforce confidence in its competitive positioning.

2301 Sugar Bush Rd \| Suite 510 \| Raleigh, NC 27612 \| 919-719-6360 \| shahcapital.com

**HIGH-Cost Structure**

Though cost cutting in last few years has been a step in the right direction, we see significant room for further improvement in both SG&A and R&D. Current SG&A and R&D expense midpoint guidance of ~$375M for 2026 is elevated given that Novavax currently lacks ongoing marketing or sales efforts and is focused primarily on pre-clinical trials, aside from Nuvaxovid P4 which is largely supported by its partner. Given the changes that have occurred at the company, **SG&A and R&D costs should be no more than $250M in 2026.** With your recent negative news of delaying profitability until 2028, cutting SG&A and R&D costs to $250M level is not merely prudent but **vital to bring Novavax to operational profitability in 2026** though we are assuming additional decent partnership milestone/s. Both board and top management should take ~50% pay cut considering many operational blunders including $29 million Q3 charge for untimely CB refinancing.

**Misleading Dilution Data**

On your choice to add a highly misleading slide (14) into your Q3 earnings presentation, this is cherry-picking of dates and data at its worst. Novavax has more than doubled its share count since September 2022 and would have likely continued to do so well after Q2 2024 if Shah Capital had not kept pressuring you to stop the ATM madness**.** Frankly, a **disgraceful slide given the massive level of dilution and shareholder pain!**

**Way-Forward**

Shah Capital continues to be a believer in the science of Novavax and hence have increased our ownership, however, frustrated with non-existent Covid market share, and continued expected operating losses which are unacceptable. Despite clear guidance for more assertive and pragmatic messaging, aggressive cost cutting, and greater financial discipline, Novavax continues to languish on all fronts. Therefore, we are reiterating that **Novavax shareholders will be better served under the umbrella of a larger, competent pharma company that exhibits insight and courage to bring Nuvaxovid, CIC Vaccine and Matrix-M Adjuvant to their fullest potential.** We view this as the most prudent and responsible course for advancing the vaccine portfolio and restoring shareholder value, and we strongly urge the board, as a fiduciary, to immediately establish a committee, including the engagement of a qualified investment banker.

Sincerely,

---

| |
|:---|
| /s/ Himanshu H. Shah |
| Himanshu H. Shah |

---

2301 Sugar Bush Rd \| Suite 510 \| Raleigh, NC 27612 \| 919-719-6360 \| shahcapital.com

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**NOVAVAX, INC.**

*(Name of Issuer)*

**Common Stock, Par Value $0.01 per share**

*(Title of Class of Securities)*

**670002401**

*(CUSIP Number)*

**Himanshu H. Shah**<br>2301 Sugar Bush Road<br>Suite 510<br>Raleigh NC 27612<br>(919) 719-6360

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/10/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **670002401** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Shah Capital Management** | Name of reporting person<br>**Shah Capital Management** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NORTH CAROLINA** | Citizenship or place of organization<br>**NORTH CAROLINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13392523.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13392523.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13392523.00** | Aggregate amount beneficially owned by each reporting person<br>**13392523.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.2%** | Percent of class represented by amount in Row (11)<br>**8.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **670002401** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Shah Capital Opportunity Fund LP** | Name of reporting person<br>**Shah Capital Opportunity Fund LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12650000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12650000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12650000.00** | Aggregate amount beneficially owned by each reporting person<br>**12650000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.8%** | Percent of class represented by amount in Row (11)<br>**7.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **670002401** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Himanshu H. Shah** | Name of reporting person<br>**Himanshu H. Shah** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**69257.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13392523.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**69257.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13392523.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13461780.00** | Aggregate amount beneficially owned by each reporting person<br>**13461780.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.3%** | Percent of class represented by amount in Row (11)<br>**8.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, Par Value $0.01 per share

**(b) Name of Issuer:**
NOVAVAX, INC.

**(c) Address of Issuer's Principal Executive Offices:**
700 QUINCE ORCHARD ROAD, GAITHERSBURG, MD, 20878

The following constitutes Amendment No. 5 to the Schedule 13D filed by the undersigned (the "Amendment No. 5". This Amendment No. 5 amends the Schedule 13D as specifically set forth herein.

**Item 4. Purpose of Transaction**

Item 4 is hereby amended to add the following:

On November 12, 2025, the Reporting Persons sent a letter (the "Shah Capital NVAX BOD Letter") to the board of directors of the Issuer (the "Board") reiterating their frustration with the Issuer regarding multiple areas, including but not limited to: (1) 2025-26 Nuvaxovid Rollout; (2) Lack of Proactive Mindset; (3) High Cost Structure; and (4) Misleading Dilution Data.  The Reporting Persons further note that Novavax shareholders would be better served under a larger, competent pharma company.  The foregoing description of the Shah Capital NVAX BOD Letter does not purport to be complete and is qualified in its entirety to the Shah Capital NVAX BOD Letter, which is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Items 5(a)-(c) are hereby amended and restated to read as follows:

The aggregate percentage of the shares of Common Stock reported owned by each person named herein is based upon 162.5M shares outstanding as of September 30, 2025.

(i) - Shah Capital Management
13,392,523; 8.2%

(ii) - Shah Capital Opportunity Fund LP
12,650,000; 7.8%

(iii) - Himanshu H. Shah
13,461,780; 8.3%

**(b)**
(i) - Shah Capital Management
Sole Voting Power - 0
Shared Voting Power - 13,392,523
Sole Dispositive Power - 0
Shared Dispositive Power - 13,392,523

(ii) - Shah Capital Opportunity Fund LP
Sole Voting Power - 0
Shared Voting Power - 12,650,000
Sole Dispositive Power - 0
Shared Dispositive Power - 12,650,000

(iii) - Himanshu H. Shah
Sole Voting Power - 69,257
Shared Voting Power - 13,392,523
Sole Dispositive Power - 69,257
Shared Dispositive Power - 13,392,523

As of the date hereof, Shah Opportunity directly beneficially owns 12,650,000 shares of Common Stock. As the investment manager of Shah Opportunity and the Shah Managed Accounts, Shah Capital Management may be deemed to beneficially own 13,392,523 shares of Common Stock beneficially owned in the aggregate by Shah Opportunity and held in the Shah ManagedAccounts. As of the date hereof, Mr. Shah directly beneficially owns 69,257 shares of Common Stock, which are held in the Mr. Shah Managed Account. As the President and Chief Investment Officer of Shah Capital Management, Mr. Shah may be deemed to beneficially own the 13,392,523 shares of Common Stock beneficially owned in the aggregate by Shah Opportunity and held in the Shah Managed Accounts, which in addition to the 69,257 shares of Common Stock he beneficially owns directly, constitutes an aggregate of 13,461,780 shares of Common Stock that Mr. Shah may be deemed to beneficially own.

**(c)**
Transactions in the Securities of the Issuer During the Past 60 Days:

Nature of Transaction                   Amount of Shares       Price Per Share ($)             Date of Purchase/Sale
Purchase of Common Stock                300,000                 8.58641435                         10/16/2025
Purchase of Common Stock                434,639                 8.13371669                         10/17/2025
Purchase of Common Stock                124,146                 8.2407                                 10/17/2025
Purchase of Common Stock                250,000                 7.57                                     11/04/2025
Purchase of Common Stock                91,215                   7.5468758                           11/04/2025
Purchase of Common Stock                50,000                   7.30                                     11/07/2025
Purchase of Common Stock                400,000                 7.1601676                           11/10/2025

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Shah Capital Management

**Signature:** /s/ Himanshu H. Shah

**Name/Title:** Himanshu H. Shah, President and Chief Investment Officer

**Date:** 11/12/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Shah Capital Opportunity Fund LP

**Signature:** /s/ Himanshu H. Shah

**Name/Title:** Himanshu H. Shah, Managing Member

**Date:** 11/12/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Himanshu H. Shah

**Signature:** /s/ Himanshu H. Shah

**Name/Title:** Himanshu H. Shah

**Date:** 11/12/2025