Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was reported at $70 million, a decrease from $85 million in Q3 2024 [23][25] - The company recorded a net loss of $202 million, or $1.25 per diluted share, for the third quarter of 2025 [27] - Cash and accounts receivable at the end of Q3 2025 stood at $812 million, prior to factoring in additional earnings from recent transactions [25] Business Line Data and Key Metrics Changes - Product sales for Q3 2025 amounted to $13 million, primarily from COVID-19 vaccine and Matrix-M supply sales [25] - Licensing royalties and other revenue reached $57 million, mainly from the Sanofi agreement, including $46 million in R&D reimbursement [26] Market Data and Key Metrics Changes - Sanofi recorded $23 million in Nuvaxovid sales in Q3 2025, with Novavax earning $4 million in royalties from these sales [23][25] - The company anticipates a significant increase in royalties from Sanofi in 2026 as they prepare for a full commercial launch [32] Company Strategy and Development Direction - The company is transitioning from a focus on COVID-19 vaccine sales to a diversified pipeline and partnerships, aiming for long-term growth and profitability [5][7] - Key priorities for 2025 include optimizing the partnership with Sanofi, enhancing existing partnerships, and advancing the technology platform and early-stage pipeline [10][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving non-GAAP profitability as early as 2028, contingent on successful partnerships and product developments [10][54] - The company is focused on reducing costs and improving financial strength while navigating a transition year with Sanofi [24][54] Other Important Information - The company has secured $1.4 billion in new cash while reducing its cost structure and liabilities, with 78% of this cash coming from non-dilutive sources [30] - A significant milestone of $225 million from Sanofi has been achieved, consistent with the 2025 revenue framework [25][30] Q&A Session Summary Question: How does the company see the 2025 COVID season compared to last year? - Management noted a 20% decrease in prescriptions compared to last year, attributing this to a more restrictive policy in the U.S. [41] Question: Can you provide more details on the BARDA grant? - The BARDA grant awarded to Sanofi is for early-stage work on a pandemic influenza vaccine that includes Novavax's Matrix-M adjuvant [43] Question: What are the next steps for the Sanofi collaboration? - Management is excited about the positive data from Sanofi's combination programs and is awaiting further updates on regulatory engagement [46] Question: What is the clinical bar for success for the shingles vaccine? - The company is confident in its data and is conducting experiments with positive controls to ensure comparability with existing vaccines [74][75]