This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Novavax Reports Fourth Quarter And Year-End 2012 Financial Results

Stocks in this article: NVAX

ROCKVILLE, Md., March 1, 2013 (GLOBE NEWSWIRE) -- Novavax, Inc. (Nasdaq:NVAX) today announced financial results for the fourth quarter and year-ended December 31, 2012.

For the fourth quarter of 2012, Novavax reported a net loss of $8.0 million, or $0.06 per share, compared to a net loss of $3.7 million, or $0.03 per share, in the fourth quarter of 2011. For 2012, the company reported a net loss of $28.5 million, or $0.22 per share, compared to a net loss of $19.4 million, or $0.17 per share, for 2011. The increase in the net loss in 2012 compared to 2011 was primarily a result of higher research and development spending, including increased costs related to respiratory syncytial virus (RSV) clinical trials, higher employee-related costs and expenses associated with the company's new manufacturing facility.

At December 31, 2012, Novavax had cash, cash equivalents and investments totaling $50.3 million compared to $18.3 million at December 31, 2011. Net cash used in operating activities for 2012 was $18.2 million compared to $23.6 million for 2011, a 23% reduction from the prior year. Working capital at December 31, 2012 was $38.7 million compared to $18.5 million at December 31, 2011, which represents a 109% increase.

Stanley C. Erck, President and Chief Executive Officer of Novavax, stated, "In 2012 we made significant progress across our complete pipeline of vaccine candidates, with positive clinical data announced for our RSV vaccine candidate, as well as our seasonal and pandemic (H5N1) influenza vaccines. Of particular note are results we announced last October from two Phase I pandemic (H5N1) influenza vaccine trials, which showed highly robust immunogenicity at multiple dose levels both with and without two separate adjuvants, and evidence of cross protection against a mismatched strain. This positive influenza data has undergone inter-governmental-agency panel review, and the U.S. Department of Health and Human Services' Biomedical Advanced Research and Development Authority (BARDA) is continuing support of our vaccine advanced development contract.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs