Novavax, Inc., based in Gaithersburg, Maryland, develops vaccines to counter infectious diseases. The company developed the Novavax COVID-19 vaccine, now commercialized by Sanofi. The company also develops vaccines for influenza, respiratory syncytial virus (RSV), avian flu, shingles, Clostridioides difficile, and malaria.3 Its shares trade on Nasdaq under the symbol NVAX.1Wikipedia text CC BY-SA 4.0
Novavax, Inc., based in Gaithersburg, Maryland, develops vaccines to counter infectious diseases. The company developed the Novavax COVID-19 vaccine, now commercialized by Sanofi. The company also develops vaccines for influenza, respiratory syncytial virus (RSV), avian flu, shingles, Clostridioides difficile, and malaria.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1112131410$1.1B in 2025+5920% since 2019Operating income1112131410$452.8M in 2025Net income1112131410$440.3M in 2025
Revenue1516$56.7M in Q2 FY2026−59% since Q1 FY2026Operating income1516-$54.9M in Q2 FY2026+256% since Q1 FY2026Net income1516-$53.4M in Q2 FY2026+463% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenues
$1.1B
$682.2M
$983.7M
Cost of sales
$73.0M
$202.7M
$343.8M
Research and development
$342.3M
$391.2M
$737.5M
Selling, general, and administrative
$157.5M
$337.2M
$468.9M
Impairment of assets held for sale
$97.8M
$0
$0
Total expenses
$670.7M
$931.1M
$1.6B
Income (loss) from operations
$452.8M
-$248.9M
-$566.5M
Interest expense
-$22.5M
-$20.1M
-$14.4M
Loss on debt extinguishment
-$28.7M
$0
$0
Gain on disposition of Novavax CZ assets
$0
$51.9M
$0
Other income, net
$40.6M
$40.4M
$37.9M
Income (loss) before income tax expense
$442.2M
-$176.6M
-$543.0M
Income tax expense
-$1.9M
-$10.9M
-$2.0M
Net income (loss)
$440.3M
-$187.5M
-$545.1M
Basic (in usd per share)
$2.72
-$1.23
-$5.41
Diluted (in usd per share)
$2.58
-$1.23
-$5.41
Basic (in shares)
162.0M shares
152.2M shares
100.8M shares
Diluted (in shares)
173.1M shares
152.2M shares
100.8M shares
No quarter-by-quarter statement was filed.
Total assets171112131410$1.2B in 2025+580% since 2019Total liabilities171112131410$1.3B in 2025+263% since 2019Shareholders’ equity12131410-$127.8M in 2025−31% since 2019Cash1712131410$240.6M in 2025+205% since 2019
Total assets1516$955.6M in Q2 FY2026−19% since Q1 FY2025Total liabilities1516$1.1B in Q2 FY2026−12% since Q1 FY2025Shareholders’ equity1516-$190.7M in Q2 FY2026+49% since Q1 FY2025Cash1516$191.5M in Q2 FY2026−20% since Q1 FY2025Long-term debt1516$291.5M in Q2 FY2026+19% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$240.6M
$530.2M
$568.5M
Marketable securities
$494.4M
$392.9M
Restricted cash
$10.9M
$10.6M
$10.4M
Accounts receivable
$106.4M
$108.3M
Inventory
$11.5M
$8.7M
Prepaid expenses and other current assets
$26.8M
$78.2M
Assets held for sale
$87.5M
$0
Total current assets
$978.3M
$1.1B
Property and equipment, net
$44.8M
$138.4M
Right-of-use asset, net
$22.9M
$161.6M
Goodwill
$113.5M
$107.5M
$127.5M
Other non-current assets
$17.1M
$24.0M
Total assets
$1.2B
$1.6B
Accounts payable
$24.6M
$41.6M
Accrued expenses
$107.2M
$211.2M
Deferred revenue
$140.1M
$675.1M
Current portion of finance lease liabilities
$2.5M
$7.0M
Other current liabilities
$137.8M
$219.6M
Liabilities held for sale
$47.9M
$0
Total current liabilities
$459.9M
$1.2B
Deferred revenue
$358.9M
$446.8M
Convertible notes payable
$244.2M
$169.7M
Non-current finance lease liabilities
$2.1M
$53.7M
Other non-current liabilities
$239.1M
$359.6M
Total liabilities
$1.3B
$2.2B
Preferred stock, $0.01 par value, 2,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024
$0
$0
Common stock, $0.01 par value, 600,000,000 shares authorized at December 31, 2025 and 2024; and 164,969,773 shares issued and 162,575,937 shares outstanding at December 31, 2025 and 161,942,677 shares issued and 160,421,136 shares outstanding at December 31, 2024
$1.6M
$1.6M
Additional paid-in capital
$4.5B
$4.5B
Accumulated deficit
-$4.6B
-$5.0B
Treasury stock, 2,393,836 shares, cost basis at December 31, 2025 and 1,521,541 shares, cost basis at December 31, 2024
-$103.0M
-$95.9M
Accumulated other comprehensive income (loss)
$2.0M
-$22.6M
Total stockholders deficit
-$127.8M
-$623.8M
-$716.9M
-$634.1M
Total liabilities and stockholders deficit
$1.2B
$1.6B
Preferred stock, par or stated value per share (in usd per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
2.0M shares
2.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value per share (in usd per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
600.0M shares
600.0M shares
Common stock, shares issued (in shares)
165.0M shares
161.9M shares
Common stock, shares outstanding (in shares)
162.6M shares
160.4M shares
Treasury stock, shares (in shares)
2.4M shares
1.5M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$240.6M
$530.2M
$568.5M
Marketable securities
$494.4M
$392.9M
Restricted cash
$10.9M
$10.6M
$10.4M
Accounts receivable
$106.4M
$108.3M
Inventory
$11.5M
$8.7M
Prepaid expenses and other current assets
$26.8M
$78.2M
Assets held for sale
$87.5M
$0
Total current assets
$978.3M
$1.1B
Property and equipment, net
$44.8M
$138.4M
Right-of-use asset, net
$22.9M
$161.6M
Goodwill
$113.5M
$107.5M
$127.5M
Other non-current assets
$17.1M
$24.0M
Total assets
$1.2B
$1.6B
Accounts payable
$24.6M
$41.6M
Accrued expenses
$107.2M
$211.2M
Deferred revenue
$140.1M
$675.1M
Current portion of finance lease liabilities
$2.5M
$7.0M
Other current liabilities
$137.8M
$219.6M
Liabilities held for sale
$47.9M
$0
Total current liabilities
$459.9M
$1.2B
Deferred revenue
$358.9M
$446.8M
Convertible notes payable
$244.2M
$169.7M
Non-current finance lease liabilities
$2.1M
$53.7M
Other non-current liabilities
$239.1M
$359.6M
Total liabilities
$1.3B
$2.2B
Preferred stock, $0.01 par value, 2,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024
$0
$0
Common stock, $0.01 par value, 600,000,000 shares authorized at December 31, 2025 and 2024; and 164,969,773 shares issued and 162,575,937 shares outstanding at December 31, 2025 and 161,942,677 shares issued and 160,421,136 shares outstanding at December 31, 2024
$1.6M
$1.6M
Additional paid-in capital
$4.5B
$4.5B
Accumulated deficit
-$4.6B
-$5.0B
Treasury stock, 2,393,836 shares, cost basis at December 31, 2025 and 1,521,541 shares, cost basis at December 31, 2024
-$103.0M
-$95.9M
Accumulated other comprehensive income (loss)
$2.0M
-$22.6M
Total stockholders deficit
-$127.8M
-$623.8M
-$716.9M
-$634.1M
Total liabilities and stockholders deficit
$1.2B
$1.6B
Preferred stock, par or stated value per share (in usd per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
2.0M shares
2.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value per share (in usd per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
600.0M shares
600.0M shares
Common stock, shares issued (in shares)
165.0M shares
161.9M shares
Common stock, shares outstanding (in shares)
162.6M shares
160.4M shares
Treasury stock, shares (in shares)
2.4M shares
1.5M shares
Cash from operations1112131410-$244.6M in 2025+79% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income (loss)
$440.3M
-$187.5M
-$545.1M
Depreciation and amortization
$27.6M
$48.5M
$41.2M
Gain on disposition of Novavax CZ assets
$0
-$51.9M
$0
Right-of-use assets expensed, net of credits received
$0
$3.8M
$6.1M
Stock-based compensation
$36.0M
$48.2M
$85.4M
Provision for excess and obsolete inventory
$1.9M
$21.0M
$72.2M
Impairment of assets held for sale
$97.8M
$0
$0
Impairment of other long-lived assets
$4.9M
$4.1M
$10.1M
Loss on debt extinguishment
$28.7M
$0
$0
Other items, net
$5.8M
-$21.8M
-$7.0M
Inventory
-$3.2M
$12.9M
-$74.5M
Accounts receivable, prepaid expenses, and other assets
$61.0M
$354.1M
-$274.4M
Accounts payable, accrued expenses, and other liabilities
-$322.6M
-$385.6M
-$378.8M
Deferred revenue
-$622.9M
$67.1M
$350.9M
Net cash used in operating activities
-$244.6M
-$87.3M
-$714.0M
Capital expenditures
-$5.6M
-$13.1M
-$53.8M
Internal-use software
-$828.0K
-$1.6M
-$5.0M
Proceeds from Assets held for sale
$19.7M
$0
$0
Proceeds from disposition of Novavax CZ assets
$0
$192.6M
$0
Purchases of marketable securities
-$445.3M
-$825.6M
$0
Proceeds from maturities of marketable securities
$353.7M
$443.6M
$0
Net cash used in investing activities
-$78.3M
-$204.0M
-$58.8M
Net proceeds from sales of common stock
$0
$263.3M
$360.2M
Proceeds on the issuance of Convertible Senior Notes due 2031, net of issuance costs
$42.6M
$0
$0
Payments of costs related to issuance of 2027 Convertible notes
$0
$0
-$3.6M
Proceeds from the exercise of stock-based awards, net of tax withholding
-$4.8M
$1.3M
$159.0K
Repayment of 2023 Convertible notes
$0
$0
-$325.0M
Finance lease payments
-$10.1M
-$4.0M
-$27.3M
Net cash provided by financing activities
$27.7M
$260.6M
$4.5M
Effect of exchange rate on cash, cash equivalents, and restricted cash
$5.9M
-$7.8M
$3.3M
Net decrease in cash, cash equivalents, and restricted cash
-$289.2M
-$38.5M
-$765.0M
Issuance of Convertible Senior Notes due 2031 in exchange for Convertible Senior Notes due 2027
$175.3M
$0
$0
Sale of common stock under the Sales Agreement not settled at year-end
$0
$0
$6.9M
Capital expenditures included in accounts payable and accrued expenses
$0
$1.1M
$7.9M
Right-of-use assets from new lease agreements, net of tenant improvement allowance on facility leases
$3.0M
-$4.3M
$103.3M
Cash interest payments, net of amounts capitalized
$15.0M
$17.6M
$17.3M
Cash paid for income taxes, net of refunds received
Novavax sits at the top of its group. 9 entities, 8 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Novavax
State Street CorporationFiled SCHEDULE 13G on Novavax, latest Aug 7, 2026 (6 filings since Feb 2, 2023)
SHAH CAPITAL MANAGEMENTFiled SCHEDULE 13D/A on Novavax, latest May 15, 2026 (9 filings since Apr 27, 2023)
Novavax CZ (formerly Praha Vaccines a.s.) Subsidiary · Czechia
Novavax ES S.L.U. Subsidiary · Spain
Novavax FR SAS Subsidiary · France
Novavax IT S.r.l. Subsidiary · Italy
Novavax NL B.V. Subsidiary · Netherlands
Novavax UK Limited Subsidiary · United Kingdom
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Novavax reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
As of December 31, 2025, we lease and own approximately 192,000 square feet of office and other space in the U.S., including our corporate headquarters at 21 Firstfield, Gaithersburg, Maryland, and approximately 60,000 in various foreign locations. We use this space for our services and support, commercial, research and development, manufacturing, and administrative personnel. Although we believe that our facilities are suitable and adequate for our present needs, the Company’s management continues to review and assess real property requirements that may be necessary to address our current business plan.
As of December 31, 2025, we classified the property located at 700 Quince Orchard Road, Gaithersburg, Maryland (“700QO”) as held for sale, in accordance with our accounting policy described in Note 2 to our consolidated financial statements. The facility served as our corporate headquarters until we relocated to 21 Firstfield, Gaithersburg, Maryland, during 2025. Although the lease for 700QO remained effective as of December 31, 2025, we completed the assignment of our leasehold interest in January 2026, resulting in the termination of the lease.
In June 2013, Novavax acquired Swedish company Isconova AB, renamed Novavax AB, and its Matrix-M adjuvant platform for $30 million.
ResVax
In March 2015, the company completed a Phase I trial for its Ebola vaccine candidate, as well as a phase II study in adults for its respiratory syncytial virus vaccine, which would become ResVax. The ResVax trial was encouraging as it showed significant efficacy against respiratory syncytial virus (RSV) infection, using a nanoparticle-based treatment using a recombinant F lipoprotein or saponin, "extracted from the Quillaja saponaria [or?] Molina bark together with cholesterol and phospholipid." It is aimed at stimulating resistance to RSV infection, targeting both adult and infant populations.
In 2016, the company completed its first phase III trial, the 12,000 adult Resolve trial, for its RSV vaccine, later known as ResVax; it did not reach its goals. This triggered an eighty-five percent dive in the company's stock price. Phase II adult trial results also released in 2016 showed a stimulation of antigenicity, but failure in efficacy. Evaluation of these results suggested that an alternative dosing strategy might lead to success, leading to plans to run new phase II trials. The company's difficulties in 2016 led to a three-part strategy for 2017: cost reduction through restructuring and the termination of 30% of their workforce; pouring more effort into getting ResVax to market; and beginning clinical trials on a Zika virus vaccine.
Alongside the adult studies of ResVax, the vaccine was also in 2016 being tested against infant RSV infection through the route of maternal immunization.
In 2019, late-stage clinical testing of ResVax failed for a second time, which resulted in a major downturn in investor confidence and a seventy percent reduction in capital value for the firm. As a secondary result, the company was forced to conduct a reverse stock split in order to maintain Nasdaq minimum qualification, meaning it was in risk of being delisted.
NanoFlu
NanoFlu is a quadrivalent influenza vaccine, which completed Phase II clinical trials successfully in 2019. In January 2020, it was granted fast track designation by the U.S. Food and Drug Administration (FDA) to move into Phase III trials, which completed in March 2020.
In January 2020, Novavax announced development of a vaccine candidate, named NVX-CoV2373, to establish immunity to SARS-CoV-2. NVX-CoV2373 is a protein subunit vaccine that contains the spike protein of the SARS-CoV-2 virus. Novavax's work is in competition for vaccine development among dozens of other companies.
In January 2021, the company released phase III trials showing that it has 89% efficacy against Covid-19, and also provides strong immunity against new variants. It has applied for emergency use in the US and UK but will be distributed in the UK first. As of May 2021, the company does not anticipate that it will file for approval in the UK "until July at the earliest". On 14 June 2021, Novavax announced overall 90.4% efficacy in the Phase 3 US and Mexico trial. Of the total 77 cases of COVID-19 among the trial's volunteers, 14 occurred in the vaccine group, while 63 occurred in the placebo group.
On 22 May 2021, Novavax and Moderna announced a deal with the South Korean government to manufacture their COVID-19 vaccines. The vaccine is also being co-developed (with the Coalition for Epidemic Preparedness Innovations) in India under the brand name Covovax. CEPI granted Novavax up to $399 million to support the development of the candidate vaccine.
On 6 September 2021, Novavax and Takeda Pharmaceutical Company announced that the Government of Japan's Ministry of Health, Labour and Welfare will purchase 150 million doses of Novavax's vaccine candidate TAK-019 pending regulatory approval. The Government of Japan's Ministry of Health, Labour and Welfare signed an agreement with Takeda Pharmaceutical Company for Takeda to manufacture and distribute Novavax's TAK-019 upon regulatory approval.
Read the full text
On 22 December 2021, Novavax confirmed the efficacy of two doses of vaccine against the omicron variant of SARS-CoV-2. The new data suggest that the vaccine provides an immune response against the Omicron variant and other variants of COVID-19. The response of antibodies against omicron is four times lower than the original variant. A third dose of the vaccine given to adults, six months after the first two doses, increased the level of neutralizing antibodies against the omicron variant by 73.5 times, making it more effective in preventing omicron from entering human cells.
The data shows that the 73.5-fold increase in antibody level following a third dose of Novavax vaccine (protein subunit vaccine) was higher than the booster doses of Pfizer and Moderna (mRNA vaccines), which increased the antibody levels 25-fold and 37-fold, respectively.
The Novavax COVID-19 vaccine was approved in the European Union at the end of 2021, and in Canada in February 2022, as the fifth vaccine against COVID-19, following Pfizer/BioNTech, Moderna, Janssen and AstraZeneca.
Feb 27, 2025Reported quarterly or annual results81
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
385 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 90 major events, 190 insider forms, 35 large holders, 50 other. The latest 20:
36 open-market trades by officers, directors and large owners since October 2021: 3 buys and 33 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Novavax names in Item 1A of its 10-K filed Feb 26, 2026: 68 risks under these headings, as written.18
Risks Related to Our Financial Condition and Capital Requirements
We have a history of losses and our future profitability is uncertain.
We will continue to require significant funding to maintain our current level of operations and fund the further development of our vaccine candidates.
Economic and political uncertainty may adversely affect our access to capital, cost of capital and ability to execute our business plan as scheduled.
Our existing collaboration, funding and supply agreements, including the Sanofi CLA and our APAs, do not assure success of our vaccine candidates or vaccines or that we will be able to fully fund our vaccine candidates or vaccines or our operations, and if we are unable to satisfy the performance obligations under such agreements, we may not be eligible to receive milestone payments under such agreements, the agreements may be terminated, the purchase commitments may be reduced or we may be required to refund advance payments.
If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results and current and potential stockholders may lose confidence in our financial and other public reporting, which would harm our business and have a negative effect on the trading price of our common stock.
Limitations on the use of our net operating losses and other tax attributes could adversely affect our financial condition.
Risks Related to Product Development and Commercialization
Because our vaccine product development and commercialization efforts depend on new and rapidly evolving technologies, our efforts may not succeed.
Clinical and preclinical development involves a lengthy and expensive process with an uncertain outcome, and the results of prior clinical trials are not necessarily predictive of our future results.
Any difficulties or delays in the commencement or completion, or the termination or suspension, of our current or planned clinical trials could result in increased costs to us, delay or limit our ability to generate revenue or adversely affect our commercial prospects.
We may find it difficult to enroll subjects in our clinical trials. If we encounter difficulties enrolling subjects in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.
The other 58 risks
Use of our vaccine candidates could be associated with adverse side effects, adverse events or other safety risks, which could delay or preclude approval, cause us to suspend or discontinue clinical trials, abandon a vaccine candidate, limit the commercial profile of an approved label or result in other significant negative consequences that could severely harm our business, prospects, operating results and financial condition.
Interim, “topline” and preliminary data from our clinical trials and preclinical studies that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
The emergence and transmissibility of variants of the SARS-CoV-2 virus may affect market acceptance or sales of our COVID-19 Vaccine.
We are a biotechnology company and face significant risk in developing, manufacturing and commercializing our products.
We may have product liability exposure.
Even if we successfully commercialize any of our vaccine candidates, either alone or in collaboration, we face uncertainty with respect to pricing, third-party reimbursement and healthcare reform, all of which could be subject to change and could adversely affect any commercial success of our vaccine candidates.
Our vaccine candidates may never achieve market acceptance even if we obtain regulatory approvals.
We may not be able to secure sufficient supplies of a key component of our adjuvant technology.
Our vaccine candidates are sensitive to shipping and storage conditions, which could subject our vaccine candidates to risk of loss or damage.
Fast Track Designation by the FDA may not actually lead to a faster development or regulatory review or approval process and does not assure approval.
Risks Related to Our Dependence on Third Parties
We need to partner with a collaborator to handle marketing activities, and if we are unable to enter into collaborations with marketing partners, we may not be successful in commercializing any approved products.
Current or future regional relationships may hinder our ability to engage in larger transactions.
We must identify vaccines for development with our technologies and establish successful third-party relationships.
We rely on third parties to conduct preclinical studies and clinical trials. If these third parties do not successfully carry out their contractual duties, comply with applicable regulatory requirements or meet expected deadlines, our development programs and our ability to seek or obtain regulatory approval for or commercialize our vaccine candidates may be delayed.
We currently rely on third parties for the manufacture of our vaccine candidates for clinical development and expect to continue to rely on third parties for the foreseeable future. This reliance on third parties increases the risk that we will not have sufficient quantities of our vaccine candidates or such quantities at an acceptable cost, which could delay, prevent or impair our development or potential commercialization efforts.
If materials manufactured by our third-party manufacturers do not conform to our specifications or the regulatory requirements necessary for use in clinical trials, we may experience delays in our development efforts or may need to find alternative manufacturing facilities, which would significantly impact our ability to obtain regulatory approval for or commercialize our vaccine candidates, if approved.
Risks Related to Our Industry and Competition
Many of our competitors have significantly greater resources and experience, which may negatively impact our commercial opportunities and those of our current and future licensees.
There is significant competition in the development of a vaccine against COVID-19 and a combined vaccine against COVID-19 and influenza, and we may never see returns on the significant resources we have devoted and may continue to devote to our vaccine candidates.
Risks Related to Regulatory and Compliance Matters
The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our vaccine candidates, our business will be substantially harmed.
Where we receive regulatory approval for our vaccine candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense. Additionally, our vaccine candidates, if approved, could be subject to labeling and other restrictions on marketing or withdrawal from the market, and we may be subject to penalties if we fail to comply with regulatory requirements or if we experience unanticipated problems with our vaccine candidates, when and if any of them are approved.
Our vaccine candidates for which we intend to seek approval as biologic products may face competition sooner than anticipated.
Failure to obtain regulatory approval in foreign jurisdictions could prevent us from marketing our products internationally.
We have conducted, continue to conduct and plan to conduct in the future, a number of clinical trials for our vaccine candidates at sites outside the U.S. and the U.S. FDA may not accept data from trials conducted in such locations.
Inadequate funding for the FDA, the SEC and other regulatory authorities could hinder their ability to hire and retain key leadership and other personnel, or otherwise perform their normal functions on which the operation of our business may rely, which could negatively impact our ability to develop or commercialize new products or services, access capital markets, or otherwise operate our business.
Because we are subject to environmental, health and safety laws, we may be unable to conduct our business in the most advantageous manner.
For our vaccine candidates, we will be subject to additional healthcare laws and our failure to comply with those laws could have a material adverse effect on our results of operations and financial conditions.
We are also subject to anti-bribery and anti-corruption laws, including the FCPA, the UK Bribery Act, and other similar worldwide anti-bribery laws, as well as various trade laws and regulations (including economic sanctions, export laws, and customs laws), and our failure to comply with those laws could have a material adverse effect on our results of operations and financial conditions.
Risks Related to our Intellectual Property
Our success depends on our ability to obtain, maintain, expand, enforce and defend the scope, ownership or control, and validity of intellectual property protections, to maintain the proprietary nature of our technology.
If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
Our former employees, consultants, advisors and collaborators may wrongfully disclose our trade secrets or we may be subject to claims that our employees, consultants, or advisors have misappropriated alleged trade secrets of their current or former employers or claims asserting ownership of what we regard as our own intellectual property.
We may not be able to protect our intellectual property and proprietary rights throughout the world.
Failure to obtain trademark registrations for proposed product names/brands, in the U.S. or abroad, may adversely impact our business.
Third parties may claim we infringe their intellectual property rights.
We may become involved in litigation to defend or enforce our intellectual property or the intellectual property of our collaborators or licensors, which could be expensive and time-consuming.
The scope, validity, and ownership of our patent claims may be challenged in various venues and, if we do not prevail, our ability to exclude competitors may be harmed, potentially reducing our ability to succeed commercially.
The scope, validity, and ownership of our trademark rights/registrations may be challenged in various venues in the U.S. and abroad and, if we do not prevail, our ability to exclude competitors from using and registering confusingly similar trademarks may be harmed, potentially reducing our ability to succeed commercially.
We may need to license intellectual property from third parties and, if our right to use the intellectual property we license is affected, our ability to develop and outlicense our vaccine candidates may be harmed.
If patent laws or the interpretation of patent laws change, our competitors may be able to develop and commercialize our discoveries.
If we do not obtain patent term extension and/or patent term adjustment in the U.S. under the Hatch-Waxman Act and similar extensions in foreign countries, our ability to exclude competitors may be harmed.
Intellectual property rights do not necessarily provide protection against all competitive harm to our business.
Risks Related to Employee Matters, Managing Growth and Information Technology
Our business may be adversely affected if we do not successfully execute our business development initiatives.
Our global restructuring and cost reduction plans may disrupt our business.
Security breaches and other disruptions to our IT Systems or those of the vendors on whom we rely could compromise our information and expose us to liability, reputational damage, or other costs.
Compliance with global privacy and data security requirements could result in additional costs and liabilities or inhibit our ability to collect and process data globally, and our failure to comply with data protection laws and regulations could lead to government enforcement actions, fines, and other harms which would cause our business and reputation to suffer.
Collaborations and contracts of our wholly owned subsidiary Novavax AB with partners such as Sanofi, with regional partners, such as SII, Takeda and SK bioscience, as well as with international providers, expose us to additional risks associated with doing business outside the U.S.
If we are unable to attract or retain key management or other personnel, our business, operating results and financial condition could be materially adversely affected.
Risks Related to Our Indebtedness
Servicing our 4.625% Convertible Senior Notes due 2031 and our 5.00% Convertible Secured Notes due 2027 requires a significant amount of cash, and we may not have sufficient cash flow to pay our debt.
We may not have the ability to raise the funds necessary to repurchase the Notes as required upon a fundamental change, and our future debt may contain limitations on our ability to repurchase the Notes.
Despite current indebtedness levels, we may incur substantially more indebtedness, which could further exacerbate the risks associated with our indebtedness.
Our Credit Agreement contains restrictions that limit our flexibility in operating our business.
Risks Related to Ownership of Our Common Stock
Because our stock price has been and will likely continue to be highly volatile, the market price of our common stock may be lower or more volatile than expected.
Raising additional capital by issuing securities or through collaboration and licensing arrangements may cause dilution to existing stockholders or require us to relinquish rights to our technologies or vaccine candidates.
Provisions of our Second Amended and Restated Certificate of Incorporation and Amended and Restated By-Laws and Delaware law could delay or prevent the acquisition of the Company, even if such acquisition would be beneficial to stockholders, and could impede changes in our Board.
We have never paid dividends on our capital stock, and we do not anticipate paying any such dividends in the foreseeable future.
General Risk Factors
Litigation or regulatory investigations could have a material adverse impact on our results of operation and financial condition.
We or the third parties upon whom we depend may be adversely affected by natural or man-made disasters or public health emergencies.
We are a target for public scrutiny, and our business may be impacted by unfavorable publicity.
The increasing use of social media platforms presents new risks and challenges to our business.
Legal proceedings
We currently have no material pending legal proceedings.
