NVAX at a glance
NOVAVAX INC (NVAX, SEC CIK 1000694) filed its latest 10-K annual report on February 26, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 6, 2026 and Form 4 insider filings as recently as June 23, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), NOVAVAX INC (NVAX) reported revenue of $1.1 billion (up 64.7% from FY2024) and net income of $440.3 million. Diluted EPS was $2.58.
- As of June 30, 2026, 31 institutional investment managers tracked by SignalX reported holding NOVAVAX INC (NVAX) shares worth $629.0 million in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $1.1B
- +64.7% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 31 funds
- $629.0M · +0 vs prior quarter
- Latest 8-K
- Aug 6, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: development and commercialization of vaccines using proprietary recombinant nanoparticle technology and Matrix-M™ adjuvant platform
- New emphasized partnerships: non-exclusive Matrix-M™ licenses to Pfizer (Jan 2026) and expanded Sanofi agreement for pandemic influenza and COVID-19 combination vaccines
- Strategic shift: transitioned COVID-19 Vaccine commercialization leadership to Sanofi in 2025; focus on partnerships and licensing over direct commercialization
- Notable quantitative metric: $0.4 billion remaining obligations under advance purchase agreements; recognized $575.7 million product sales from terminated Canada APA in 2025
- Noteworthy fact: WHO prequalified the R21/Matrix-M™ adjuvant malaria vaccine in Dec 2023 with rollout in 24 countries as of Feb 2026, marking major commercial expansion beyond COVID-19
Management Discussion & Analysis
- Revenue $1.12B in 2025, up $441.3M YoY, driven by $685M product sales (+$471.8M) and $438.4M licensing (-$30.5M)
- Operating expenses $670.7M in 2025 vs $931.1M in 2024; cost of sales 10.7% of product sales vs 95.1% in 2024; R&D $342.3M vs $391.2M; SG&A $157.5M vs $337.2M
- Net income $440.3M in 2025 vs net loss $187.5M in 2024; operating margin approx. 38.7% ($440.3M net income / $1.12B revenue) vs negative margin prior year
- Best segment: Product sales $685.0M, +221% YoY; Worst segment: Licensing, royalties, and other $438.4M, -6.5% YoY
- Cash $750.5M end 2025 vs $938.2M end 2024; Operating cash flow used $244.6M; Issued $225M convertible notes; No dividends or buybacks disclosed
- Guidance: Expect funding from Sanofi milestones, royalties, product sales, $330M Credit facility available; Risks include regulatory approval delays, APA cancellations (Australia), and capital raising challenges
Risk Factors
- Regulatory risk: Uncertainty in revenue recognition from licensing agreements under ASC 606 requiring judgment on variable consideration and revenue timing
- Macroeconomic threat: Exposure to fluctuating interest rates with 4.625% Convertible Senior Notes and variable term loans tied to Term SOFR plus 5.00%
- Operational risk: Reliance on third-party CMOs and CDMOs for vaccine component manufacturing and raw material procurement, creating supply chain timing and cost estimation challenges
- Competitive risk: Partnership with Pfizer for Matrix-M adjuvant potentially faces competition in infectious disease vaccines market including influenza-COVID-19 combos by Sanofi
- Financial risk: $330 million senior secured term loan facility maturing in 2031 with mandatory principal and interest repayment increasing leverage and cash flow obligations
AI summary of the NVAX 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Revenue, profitability, segments, cash flow, and capital deployment figures absent from provided excerpt
- Outlook: Sanofi CIC Phase 3 timing under regulatory discussion, potentially triggering $125 million milestone
- Sanofi manufacturing transfer expected mid-2027, potentially triggering $75 million milestone
- Headwinds: COVID-19 demand, regulatory uncertainty, manufacturing delays, funding needs, and partnership execution risks
Risk Factors
- No risk-factors section provided; supplied text covers Items 5–6 and signatures only
- Stock-plan dilution risk: 9,400,000 additional shares authorized under the Amended 2015 Stock Plan
- Employee-equity dilution risk: ESPP share pool increased by 1,000,000 shares
- Governance-compliance disclosure: stockholders approved both plan amendments on June 18, 2026
AI summary of the NVAX 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 financial results for quarter ended June 30, 2026
- Press release issued August 6, 2026; detailed results in Exhibit 99.1
Item 5.07: Submission of Matters to a Vote of Security Holders
- Three Class I directors elected through 2029, with 27.7M broker non-votes each
- Executive compensation narrowly approved, 35.8M for versus 34.9M against
Item 2.02: Results of Operations and Financial Condition
- Q1 2026 results cover the quarter ended March 31, 2026
- Press release issued May 6, 2026 and furnished as Exhibit 99.1
AI summaries of NVAX 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for NVAX
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- Fund moves. Which tracked funds opened, added or cut NVAX, by share count.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| MOTT DAVID M | M | Jun 20, 2026 | 18,880 | - |
| Alton Gregg H | M | Jun 20, 2026 | 18,880 | - |
| MCGLYNN MARGARET G | M | Jun 20, 2026 | 18,880 | - |
| MOTT DAVID M | M | Jun 20, 2026 | 18,880 | - |
| MCGLYNN MARGARET G | M | Jun 20, 2026 | 18,880 | - |
| DOUGLAS RICHARD | M | Jun 20, 2026 | 18,880 | - |
| King Rachel K. | M | Jun 20, 2026 | 18,880 | - |
| DOUGLAS RICHARD | M | Jun 20, 2026 | 18,880 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $983.7M | $682.2M | $1.1B |
| Operating Income | -$566.5M | -$248.9M | $452.8M |
| Net Income | -$545.1M | -$187.5M | $440.3M |
| Op. Margin | -57.6% | -36.5% | 40.3% |
| Net Margin | -55.4% | -27.5% | 39.2% |
| Balance Sheet | |||
| Total Assets | $1.8B | $1.6B | $1.2B |
| Equity | -$716.9M | -$623.8M | -$127.8M |
| ROE | 76.0% | 30.1% | -344.7% |
| Per Share | |||
| EPS | $-5.41 | $-1.23 | $2.58 |
| Cash Flow | |||
| Operating CF | - | -$87.3M | -$244.6M |
Source: XBRL data in NOVAVAX INC (NVAX)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate NVAX share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 31 | $629.0M |
| Q1 2026 | 31 | $506.8M |
| Q4 2025 | 25 | $464.2M |
| Q3 2025 | 28 | $485.9M |
| Q2 2025 | 30 | $359.8M |
| Q1 2025 | 26 | $259.2M |
| Q4 2024 | 21 | $298.1M |
| Q3 2024 | 18 | $309.6M |
- Two Sigma Investments+3.48M (+565%)
- State Street Corp+2.77M (+31%)
- Goldman Sachs Group+1.60M (+113%)
- BlackRock+1.10M (+9%)
- AQR Capital Management+790.6K (+706%)
- Bank of America Corp−3.22M (-49%)
- Millennium Management−2.08M (-54%)
- D.E. Shaw & Co−2.06M (-27%)
- Morgan Stanley−105.6K (-18%)
- Northern Trust−61.2K (-4%)
- Franklin Resources+10.7K
Source: 13F-HR filings on SEC EDGAR (aggregated from 210 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
NVAX filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
8-K current reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| SC 13G | Aug 7, 2026 | - | - | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 23, 2026 | - | - | - |
| 8-K | Jun 23, 2026 | - | Analysis | - |
| 8-K | May 6, 2026 | - | Analysis | |
| 10-Q | May 6, 2026 | Mar 31, 2026 | Analysis | |
| SC 13G | Apr 30, 2026 | - | - | |
| 4 | Apr 28, 2026 | - | - | - |
| 4 | Apr 16, 2026 | - | - | - |
| 4 | Mar 12, 2026 | - | - | - |
| 4 | Mar 9, 2026 | - | - | - |
| 4 | Mar 9, 2026 | - | - | - |
| 4 | Mar 9, 2026 | - | - | - |
| 4 | Mar 9, 2026 | - | - | - |
| 4 | Mar 9, 2026 | - | - | - |
| 4 | Mar 9, 2026 | - | - | - |
| 4 | Mar 5, 2026 | - | - | - |
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NVAX SEC filings: frequently asked questions
Which institutions hold NVAX stock?
As of June 30, 2026, the largest NOVAVAX INC (NVAX) holders among the 13F filers tracked by SignalX were BlackRock ($131.4 million), State Street Corp ($110.6 million), Vanguard Portfolio Management LLC ($71.7 million), Vanguard Capital Management LLC ($68.4 million), D.E. Shaw & Co ($53.2 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was NVAX's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), NOVAVAX INC (NVAX) reported revenue of $1.1 billion (up 64.7% from FY2024) and net income of $440.3 million. Diluted EPS was $2.58. The figures come from the XBRL data in the 10-K.
What are the main risks in NVAX's latest 10-K?
In the 10-K filed February 26, 2026, NOVAVAX INC (NVAX) flagged: Regulatory risk: Uncertainty in revenue recognition from licensing agreements under ASC 606 requiring judgment on variable consideration and revenue timing. Macroeconomic threat: Exposure to fluctuating interest rates with 4.625% Convertible Senior Notes and variable term loans tied to Term SOFR plus 5.00%. (AI summary of the Risk Factors section.)
What did NVAX report in its latest 8-K?
NOVAVAX INC (NVAX) filed an 8-K on August 6, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Q2 2026 financial results for quarter ended June 30, 2026.
What are the latest NVAX SEC filings?
NOVAVAX INC (NVAX) filed its latest 10-K annual report on February 26, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 6, 2026 and a Form 4 insider filing on June 23, 2026.
What is NVAX's SEC CIK number?
NOVAVAX INC (NVAX)'s SEC Central Index Key (CIK) is 1000694. EDGAR lists every NVAX filing under that number.
Ask anything about NVAX
The research agent reads NVAX's filings, financials, insider trades and 13F holders, then answers with sources.