Short answer
NOVAVAX INC (NVAX) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $70M (down 16.6% year over year) with net income of −$202M.
Q3 2025 key financials · XBRL
- Revenue
- $70M
- −16.6% YoY · −70.6% QoQ
- Net income
- −$202M
- −66.8% YoY · −290.0% QoQ
- Operating margin
- -252.7%
- EPS (diluted)
- −$1.02
- −25.9% YoY · −264.5% QoQ
Source: XBRL data from the NOVAVAX INC (NVAX) Q3 2025 10-Q on SEC EDGAR. USD.
NOVAVAX INC Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Q3 revenue $70.4M, down $14.1M YoY from $84.5M; product sales $13.4M vs $41.5M, licensing up $14.0M to $57.0M
- Q3 net loss $202.4M vs $121.3M YoY; operating expenses rose 13.7% to $248.5M; impairment loss $97M and $28.7M debt extinguishment loss impacted results
- Best segment Q3 licensing revenue (Sanofi $48.3M + Takeda $6.4M), worst product sales declined $28.1M due to Nuvaxovid sales decrease
- Operating cash flow impacted by asset impairment and lower product sales; capital deployment included sale agreement of corporate HQ assets
- Management expects reduced R&D and SG&A spend for remainder of 2025 with ongoing restructuring; milestone payments of $50M and $175M received under Sanofi CLA
Risk Factors
- New FDA framework requiring placebo-controlled trials for COVID-19 vaccines in healthy under 65 population, increasing expenses and approval delays
- PMC post-approval clinical trial amendments requested by FDA, potential cost increases subject to Sanofi negotiations and reimbursement terms
- Regulatory risk from expiration of U.S. and WHO COVID-19 Public Health Emergency designations, removing shortened regulatory timelines
- Operational risk from evolving COVID-19 variants and regulatory priorities affecting vaccine development and clinical trial designs
- Concentration risk from dependency on collaboration with Sanofi for marketing authorization and regulatory discussions after marketing authorization transfer
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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