This Day On The Street
Continue to site
ADVERTISEMENT
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

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,999.14 -35.79 -0.20%
S&P 500 2,100.33 -0.07 -0.00%
NASDAQ 5,015.3120 +20.71 0.41%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs