Novavax(US:NVAX)2025-11-06 13:00Revenue Performance - Total revenue for Q3 2025 was $70 million, down 18% from $85 million in Q3 2024[12] - Total revenue for Q3 2025 was $70.445 million, a decrease of 16.6% compared to $84.512 million in Q3 2024[30] - Product sales in Q3 2025 were $13.442 million, down from $41.528 million in Q3 2024, representing a decline of 67.6%[30] - Licensing, royalties, and other revenue increased to $57.003 million in Q3 2025 from $42.984 million in Q3 2024, a growth of 32.5%[30] - Full Year 2025 revenue guidance is projected between $1,040 million and $1,060 million[18] Expenses and Losses - Research and development (R&D) expenses for Q3 2025 were $98 million, up from $87 million in Q3 2024[16] - Selling, general, and administrative (SG&A) expenses decreased by 55% to $32 million in Q3 2025, compared to $71 million in Q3 2024[16] - Total expenses for Q3 2025 were $248.463 million, up from $218.530 million in Q3 2024, an increase of 13.7%[30] - Net loss for Q3 2025 was $202 million, compared to a net loss of $121 million in Q3 2024[16] - Net loss for Q3 2025 was $202.379 million, compared to a net loss of $121.300 million in Q3 2024, reflecting a worsening of 66.9%[30] Cash and Assets - Cash and cash equivalents were $778 million as of September 30, 2025, down from $938 million as of December 31, 2024[16] - Cash and cash equivalents decreased to $268.023 million as of September 30, 2025, from $530.230 million at the end of 2024[32] - Total assets decreased to $1.179 billion as of September 30, 2025, down from $1.560 billion at the end of 2024[32] - Working capital improved to $544.721 million as of September 30, 2025, compared to a deficit of $25.474 million at the end of 2024[32] - The company reported an impairment of assets held for sale amounting to $97.038 million in Q3 2025[30] Partnerships and Future Outlook - Sanofi partnership milestones achieved year-to-date totaled $225 million, including $50 million earned in Q4 2025[4] - The company expects approximately $230 million in future cost savings from Maryland site consolidation transactions[4] - The FDA approved the Nuvaxovid 2025-2026 Formula for COVID-19 prevention in high-risk individuals in August 2025[8] - Novavax is focusing on expanding its clinical pipeline and expects to advance its product candidates, including new Matrix formulations[29] Nuvaxovid Sales - Nuvaxovid sales were $0 million in Q3 2025, a decrease of $38 million compared to $38 million in Q3 2024[9]