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Novavax Reports First-Quarter 2013 Financial Results

Key Highlights

  • Phase II RSV clinical trial data achieve protocol specified-objectives of safety and immunogenicity.
  • Novel malaria vaccine candidate in India honored by the Vaccine World Summit India 2013 conference for having the "Most Promising Vaccine for Emerging Diseases in India."
  • Positive U.S. inter-governmental-agency panel review to continue influenza vaccine-development contract.
  • Strong financial position with cash of $45.4 million providing two-years of operations.

ROCKVILLE, Md., May 7, 2013 (GLOBE NEWSWIRE) -- Novavax, Inc. (Nasdaq:NVAX) today announced its financial results for the first quarter ended March 31, 2013.

The company reported a net loss of $10.0 million, or $0.07 per share, for the first quarter of 2013, compared to a net loss of $7.3 million, or $0.06 per share, for the first quarter of 2012. Novavax had revenue in the first quarter of 2013 of $3.8 million as compared to $4.6 million for the same period in 2012. The decrease in revenue is primarily due to the higher level of clinical trial activity in the three months ended March 31, 2012 associated with the company's seasonal and pandemic influenza programs, as compared to the corresponding period in 2013 when no similar clinical trials were initiated. In conjunction with the decrease in revenue, the cost of revenue was $1.7 million in the first quarter of 2013 as compared to $3.8 million for the same period in 2012, which decrease is also primarily related to the levels of activity associated with the company's influenza clinical trials previously mentioned.

Research and development expenses increased to $9.4 million in the first quarter of 2013, compared to $5.3 million for the same period in 2012, due primarily to increased costs relating to the initiation of the company's RSV clinical trials and higher employee-related costs. General and administrative expenses decreased to $2.7 million in the first quarter of 2013 as compared to $3.0 million for the same period in 2012.

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