NOVAVAX INC (NVAX)

Novavax, Inc. is a vaccine company, incorporated in Delaware in 1987, that develops vaccines using a recombinant protein-based nanoparticle technology and its proprietary Matrix-M adjuvant. The adjuvant is intended to induce stronger, longer-lasting immune responses and can allow lower antigen doses. The corporate strategy is to maximize the value of this platform through partnerships for Matrix-M and its R&D assets while keeping a lean operating model. Antigens are produced in a baculovirus/Sf9 insect cell expression system, yielding nanoparticles that are formulated with Matrix-M.

The platform underlies its authorized COVID-19 vaccine (Nuvaxovid) and the R21/Matrix-M malaria vaccine, which was developed by the Jenner Institute at the University of Oxford and is manufactured by Serum Institute of India (SII). In May 2025 the U.S. FDA approved the Nuvaxovid BLA for adults 65 and older and for people 12 to 64 with at least one high-risk condition. The BLA was transferred to Sanofi in November 2025. The company also holds authorizations from the European Commission and several other countries. Its pipeline includes early-stage research in C. diff, shingles and RSV combinations, a pandemic influenza candidate, and COVID-influenza combination and stand-alone influenza candidates. Those candidates completed a Phase 3 immunogenicity trial, but the company does not plan further investment and is seeking a partner. It is also exploring uses beyond infectious disease, including a preclinical oncology collaboration.

Its customers and partners include governments and organizations under advance purchase agreements (APAs), such as Australia and Gavi, with about $0.4 billion of remaining obligations at year-end 2025. The Canada and New Zealand APAs ended in 2025. Sanofi leads commercialization of the COVID-19 vaccine under a 2024 collaboration and license agreement (CLA) that carries milestone and royalty rights and licenses for combination products and Matrix-M adjuvant products. Takeda holds a license for Japan, and SII holds licenses for its territory and for the malaria vaccine. Pfizer took a non-exclusive Matrix-M license in January 2026 for up to two infectious disease areas, with a $30 million upfront payment. Several material transfer agreements with other pharmaceutical companies are also in place. The malaria vaccine was prequalified by the WHO in December 2023, and as of February 2026 it was available in 24 countries.

Novavax supplies Matrix-M to partners such as SII and Takeda. It also supplies COVID-19 vaccine and adjuvant intermediates to Sanofi until a technology transfer is complete. It is conducting a Phase 4 post-marketing trial on Sanofi's behalf, with Sanofi reimbursing 70% of the costs. The company's principal executive offices are at 21 Firstfield Road, Gaithersburg, Maryland, and its common stock trades on the Nasdaq Global Select Market under the symbol NVAX.