# EDGAR Filing Document

**Accession Number:** 0001383838
**File Stem:** 0001398344-25-019099
**Filing Date:** 2025-10
**Character Count:** 19693
**Document Hash:** e599528050e4cd8426a03365182bd5b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-019099.hdr.sgml**: 20251014

**ACCESSION NUMBER**: 0001398344-25-019099

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

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251014

**DATE AS OF CHANGE**: 20251014

**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:** 251389680

**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

---

| |
|:---|
| ![](fp0095822-1_01.jpg) |
| Himanshu H. Shah |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing Partner and Chief Investment Officer |
| **S** **HAH CAPITAL OPPORTUNITY FUND LP** |

---

October 13, 2025

Board of Directors of Novavax Inc.

21 Firstfield Rd.

Gaithersburg, MD 20878

Dear Directors,

Shah Capital is Novavax's 2<sup>nd</sup> largest and long-term shareholder, currently owning 11.8 million shares or 7.2% of the Company. Since our engagement with the company in March 2023, our concerns have accelerated with **persistent underperformance, Nuvoxovid's rollout slipups including this fall, timid/ineffective marketing, extremely poor capital market actions, and tremendous lack of accountability.** Performance chart below speaks volumes on continued destruction of shareholder value even with the better efficacy/reactogenicity of its non-mRNA Covid vaccine and large twenty million safety database of Matrix-M adjuvant technology.

*Performance data of NVAX & Proxy Peers as of 9/15/25, Source LSEG*

**History of Painful Regulatory, Marketing and Sales Fumbles Hindering Scientific Superiority**

A recap of the litany of missteps that has severely damaged the company; missed FDA timelines, the 5-dose vial debacle in 2023 Fall Covid season, inadequate 3-month shelf-life for the Fall 2024 season, critical marketing slips resulting in miniscule 2% Covid vaccine market share in 2024 season despite Nuvaxovid having greater efficacy, tolerability and durability than peers. The recent supply issues to begin the 2025/2026 Covid rollout, and lack of effective marketing have allowed mRNA peers to get ~6 million shots already compared to Novavax' non-existent ~7K as of 10/2/25.

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

Shah Capital finds it unfathomable why Nuvaxovid's market share once again is non-existent given the scientific superiority (Utah Shield study) and positive regulatory tailwinds. New appointees at HHS/FDA/CDC have been mainly critical of mRNA vaccines, which should benefit Novavax' "tried and true" traditional protein-based solution. With more states becoming **increasingly averse to mRNA vaccines including Florida, Texas**, Minnesota, Idaho, Iowa, Montana, South Carolina, Tennessee & Kentucky; some of which are trying to ban mRNA altogether, we find it inconceivable as to how management has been unsuccessful gaining meaningful share given the tens of millions of senior citizens/high risk/immunocompromised individuals in just those 9 states alone. Sales are miserable for the third consecutive year. Also, **Nuvaxovid awareness continues to be alarmingly low as effective marketing and messaging could have Nuvaxovid market share closer to 40% given the above-mentioned positive tailwinds**.

Shah Capital also **sees significant edge for Novavax' Combo or Covid/Flu program** as mRNA competition may continue to have difficulty with tolerability due to the inherent enormous amounts of antigen required. Novavax' protein-based technology does not have this limitation, which should help narrow the gap in terms of rollout timeframe and can prove to be more easily tolerated by patients. One year safety study published in June 2025 clearly showed lower SAE compared to its mRNA competition.

**Questionable and Unfortunate August Convertible Refinancing**

We are at a complete loss for an extremely expensive $225 million convertible bond refinance on August 21, 2025. With favorable upcoming fall Covid season considering all the negative noise around mRNA and company unleashed its blunder again bringing down investor confidence and trust. Keeping in mind around $400 million UK/GAVI liabilities over the next few years. Was **this $150 million debt push out by few years necessary with so many positive catalysts including Combo and Matrix-M partnerships in the works, fall vaccine season was just weeks away, Sanofi Q4 2025 milestones on the way, and ~$900 million cash as of 6/30/25?**

**Dilution DNA induces High Short Interest**

Since September 2022, Novavax outstanding share count has ballooned compared to proxy peer average of only 14%. **The Board should have implemented aggressive cost-cutting measures earlier, as advised by Shah Capital in our March 2023 letter, rather than earning the title of 'a dilutive king.'**

![](fp0095822-1_03.jpg)

*Source: LSGE*

 

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

 

Perennial execution failures and ineffective leadership have taken their toll on investor confidence, allowing short sellers to pounce Novavax for years. Novavax short interest is ~25% compared to 9% average.

*Short Interest Data as of 9/15/25, Source LSEG*

**Immediate Formal Strategic Review a MUST**

Novavax shareholders **deserve meaningful urgent action** to reverse Novavax' trajectory as one of the worst-performing pharma/biotech stocks of the past decade, down 95%. The massive underperformance is not the fault of biotech malaise, vaccine jitters, or market dynamics. Rather, it is the **direct result of repeated strategic missteps, terrible execution on sales and marketing, and entrenched Board** that has consistently refused to take responsibility for its failed execution. Novavax' poor proxy approval results and current market value of less than $1.5 billion even with favorable regulatory environment clearly indicates Board and management have lost investor trust and confidence.

Shah Capital recommends an immediate formal strategic review for the sale of the company encompassing its extremely valuable Covid/Flu Combo vaccine, pipeline assets, and Matrix-M adjuvant technology. Novavax's IP and scientific capabilities will have **far greater upside potential in the hands of large capable pharma entity**. The recent $10.5 billion respiratory acquisition had $3 billion peak sales expectations in 2029. **Novavax's Flu/Covid Vaccine with only one competitor may have higher peak sales in 2029 considering total combined flu/covid sales of $15 billion in 2024.** Also, the **regulatory tailwinds are tremendously in favor of non-mRNA vaccine solutions globally and Novavax is the biggest beneficiary!**

Sincerely,

/s/ Himanshu H. Shah

Himanshu H. Shah

Shah Capital manages approximately $800 million of assets as of September 30, 2025

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. 4)**

**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)*

**10/13/2025**

*(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>**11742523.00** |
| 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>**11742523.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**11742523.00** | Aggregate amount beneficially owned by each reporting person<br>**11742523.00** | |
| 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>**7.2%** | Percent of class represented by amount in Row (11)<br>**7.2%** | |
| 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>**11000000.00** |
| 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>**11000000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**11000000.00** | Aggregate amount beneficially owned by each reporting person<br>**11000000.00** | |
| 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>**6.8%** | Percent of class represented by amount in Row (11)<br>**6.8%** | |
| 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>**11742523.00** |
| 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>**11742523.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**11811780.00** | Aggregate amount beneficially owned by each reporting person<br>**11811780.00** | |
| 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>**7.3%** | Percent of class represented by amount in Row (11)<br>**7.3%** | |
| 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. 4 to the Schedule 13D filed by the undersigned (the "Amendment No. 4"). This Amendment No. 4 amends the Schedule 13D as specifically set forth herein.

**Item 4. Purpose of Transaction**

Item 4 is hereby amended to add the following:

On October 13, 2025, the Reporting Persons sent a letter (the "Shah Capital NVAX BOD Letter") to the board of directors of the Issuer (the "Board") urging the Board to undertake a formal strategic review, including an evaluation of a potential sale of the Issuer. The letter expressed the Reporting Persons' concerns regarding the Issuer's significant share-price underperformance, operational and marketing failures, and recent capital-allocation decisions. The Reporting Persons stated their belief that immediate action is needed to restore investor confidence and realize the full value of the Issuer's assets and technology for shareholders. 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) is 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 162,421,645 shares outstanding as of July 31, 2025, which is the total number of shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 6, 2025.

(i) - Shah Capital Management
11,742,523; 7.2%

(ii) - Shah Capital Opportunity Fund LP
11,000,000; 6.8%

(iii) - Himanshu H. Shah
11,811,780; 7.3%

**(b)**
Item 5(b) is hereby amended and restated to read as follows:

(i) - Shah Capital Management
Sole Voting Power - 0
Shared Voting Power - 11,742,523
Sole Dispositive Power - 0
Shared Dispositive Power - 11,742,523

(ii) - Shah Capital Opportunity Fund LP
Sole Voting Power - 0
Shared Voting Power - 11,000,000
Sole Dispositive Power - 0
Shared Dispositive Power - 11,000,000

(iii) - Himanshu H. Shah
Sole Voting Power - 69,257
Shared Voting Power - 11,742,523
Sole Dispositive Power - 69,257
Shared Dispositive Power - 11,742,523

As of the date hereof, Shah Opportunity directly beneficially owns 11,000,000 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 11,742,523 shares of Common Stock beneficially owned in the aggregate by Shah Opportunity and held in the Shah Managed Accounts. 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 11,742,523 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 11,811,780 shares of Common Stock that Mr. Shah may be deemed to beneficially own.

**(c)**
Item 5(c) is hereby amended to add the following:

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                284,928                               7.6253                             8/21/2025
Purchase of Common Stock                 71,072                                7.4756                             8/25/2025

Shah Capital Opportunity Fund LP engaged in each of the above transactions.

### 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:** 10/14/2025

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:** 10/14/2025

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:** 10/14/2025