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Novavax Inc. Reports Operating Results (10-Q)

November 08, 2010 | About:
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10qk

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Novavax Inc. (NVAX) filed Quarterly Report for the period ended 2010-09-30.

Novavax Inc. has a market cap of $250.14 million; its shares were traded at around $2.33 with and P/S ratio of 769.67. NVAX is in the portfolios of Jean-Marie Eveillard of First Eagle Investment Management, LLC.

Highlight of Business Operations:

Research and development expenses increased to $7.9 million for the three months ended September 30, 2010 from $5.3 million for the same period in 2009, an increase of $2.6 million, or 50%, primarily due to higher research and development spending to support our clinical trials related to our H1N1 and seasonal influenza vaccine candidates. The increase is primarily a result of increased employee and outside-testing costs (including outsourced clinical trial costs, sponsored research and consulting agreements).

General and administrative expenses decreased to $2.8 million for the three months ended September 30, 2010 from $3.2 million for the same period in 2009, a decrease of $0.4 million, or 11%, primarily due to lower professional service fees.

We had total other income of $0.2 million for the three months ended September 30, 2010 compared to total other income of $0.7 million for the same period in 2009, a change of $0.5 million. In the three months ended September 30, 2009, we recorded a gain of $0.7 million relating to redemptions of several of our auction rate securities.

Net loss for the three months ended September 30, 2010 was $10.4 million, or $0.10 per share, as compared to $7.5 million, or $0.08 per share, for the same period in 2009, an increased net loss of $2.9 million. The increased net loss was primarily due to higher research and development spending to support our clinical trials related to our H1N1 and seasonal influenza vaccine candidates in the three months ended September 30, 2010.

Research and development expenses increased to $23.2 million for nine months ended September 30, 2010 from $14.8 million for the same period in 2009, an increase of $8.4 million, or 57%, primarily due to higher research and development spending to support our clinical trials related to our H1N1 and seasonal influenza vaccine candidates. The increase is primarily a result of increased employee and outside-testing costs (including outsourced clinical trial costs, sponsored research and consulting agreements).

General and administrative expenses were relatively unchanged at $8.5 million for the nine months ended September 30, 2010 as compared to $8.7 million for the same period in 2009.

Read the The complete Report

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