Novavax was founded in 1987 and is headquartered in Gaithersburg, US

Novavax has offices in Gaithersburg, Rockville and Uppsala

Gaithersburg, US (HQ)

20 Firstfield Rd

Uppsala, SE

109 Kungsgatan

Rockville, US

9920 Belward Campus Dr

Novavax's revenue was reported to be $5.7 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 5.7 m |

## Net income (Q1, 2017) | (43.9 m) |

## EBIT (Q1, 2017) | (40.8 m) |

## Market capitalization (17-Aug-2017) | 280.5 m |

## Cash (31-Mar-2017) | 95.8 m |

Novavax's current market capitalization is $280.5 m.

- Source: SEC Filings

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 20.9 m | 30.7 m | 36.3 m | 15.4 m |

## Revenue growth, % | (5%) | 47% | 18% | (58%) |

## R&D expense | 50.3 m | 79.4 m | 162.6 m | 237.9 m |

## General and administrative expense | 14.8 m | 19.9 m | 30.8 m | 46.5 m |

## Operating expense total | 73.3 m | 114.4 m | 193.5 m | 284.5 m |

## EBIT | (52.4 m) | (83.7 m) | (157.2 m) | (269.1 m) |

## EBIT margin, % | (251%) | (273%) | (434%) | (1753%) |

## Interest expense | (160 k) | (157 k) | (241 k) | (13 m) |

## Interest income | 187 k | 286 k | 660 k | 2.1 m |

## Net Income | (52 m) | (82.9 m) | (156.9 m) | (280 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 8.3 m | 8.2 m | 9.9 m | 14 m | 6.5 m | 4.2 m | 2.5 m | 3.2 m | 5.7 m |

## R&D expense | 15.2 m | 19.2 m | 25.9 m | 25 m | 27.9 m | 69 m | 64.9 m | 53 m | 37.7 m |

## General and administrative expense | 5.8 m | 4.8 m | 5.8 m | 7.1 m | 9.1 m | 10.5 m | 14.1 m | 13.6 m | 8.9 m |

## Operating expense total | 21 m | 24 m | 31.7 m | 32.1 m | 37 m | 79.5 m | 79 m | 66.5 m | 46.5 m |

## EBIT | (17.9 m) | (19.8 m) | (24.3 m) | (20.8 m) | (33.2 m) | (75.3 m) | (76.5 m) | (63.3 m) | (40.8 m) |

## EBIT margin, % | (216%) | (241%) | (246%) | (149%) | (509%) | (1784%) | (3054%) | (1959%) | (719%) |

## Interest expense | (51 k) | (47 k) | (36 k) | (26 k) | (64 k) | (2.4 m) | (3.5 m) | (3.5 m) | (3.5 m) |

## Interest income | 20 k | 128 k | |||||||

## Net Income | (31.7 m) | (51.4 m) | (24.4 m) | (45 m) | (78.1 m) | (77.3 m) | (156.6 m) | (222.9 m) | (43.9 m) |

- Source: SEC Filings

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 119.5 m | 32.3 m | 93.1 m | 144.4 m |

## Accounts Receivable | 1.9 m | 7.5 m | 2.3 m | 233 k |

## Inventories | 9.2 m | 19.3 m | 21.8 m | |

## Current Assets | 145 m | 188.2 m | 287.3 m | 287.8 m |

## PP&E | 14.3 m | 19.7 m | 32.3 m | 40.2 m |

## Goodwill | 59.5 m | 54.6 m | 53.1 m | 51.7 m |

## Total Assets | 235.9 m | 276 m | 386 m | 394.3 m |

## Accounts Payable | 6 m | 12.9 m | 11.9 m | 5.7 m |

## Current Liabilities | 18.9 m | 34.1 m | 76.5 m | 66.4 m |

## Total Liabilities | 399.8 m | |||

## Additional Paid-in Capital | 612.9 m | 729.4 m | 951.6 m | 936 m |

## Retained Earnings | (410.1 m) | (493.1 m) | (650 m) | (930 m) |

## Total Equity | 203.2 m | 229.6 m | 292.7 m | (5.5 m) |

## Financial Leverage | 1.2 x | 1.2 x | 1.3 x | -71.1 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 103.9 m | 34.5 m | 215.1 m | 167.4 m | 138.1 m | 132.2 m | 89.4 m | 119.9 m | 95.8 m |

## Accounts Receivable | 406 k | 363 k | 591 k | ||||||

## Current Assets | 166.6 m | 192 m | 350.1 m | 333 m | 310.1 m | 484.6 m | 420 m | 353.9 m | 258.4 m |

## PP&E | 15.1 m | 17.5 m | 24 m | 26.1 m | 29.4 m | 36.6 m | 39.7 m | 41 m | 39.4 m |

## Goodwill | 57.9 m | 56.2 m | 52.7 m | 53.3 m | 53.1 m | 53.8 m | 52.9 m | 52.7 m | 51.9 m |

## Total Assets | 312 m | 292.5 m | 438.8 m | 424.7 m | 404.6 m | 592.5 m | 525 m | 459.6 m | 361.5 m |

## Accounts Payable | 4.5 m | 3 m | 9.7 m | 7.1 m | 8.2 m | 11.2 m | 16 m | 16.2 m | 3.8 m |

## Current Liabilities | 17.5 m | 18.6 m | 28.8 m | 27.1 m | 24.9 m | 71.1 m | 81.9 m | 75.7 m | 56.5 m |

## Additional Paid-in Capital | 724.9 m | 727.4 m | 926.7 m | 934.2 m | 947.1 m | 920 m | 925.6 m | 932.2 m | 956.3 m |

## Retained Earnings | (441.8 m) | (461.5 m) | (517.5 m) | (538.1 m) | (571.2 m) | (727.3 m) | (806.6 m) | (872.9 m) | (974.4 m) |

## Total Equity | 281.7 m | 261.7 m | 387.6 m | 367 m | 185.4 m | 110.1 m | 49.8 m | ||

## Financial Leverage | 1.1 x | 1.1 x | 1.1 x | 1.1 x | 3.2 x | 4.8 x | 9.2 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | (52 m) | (82.9 m) | (156.9 m) | (280 m) |

## Depreciation and Amortization | 2.6 m | 4.4 m | 6 m | 8.5 m |

## Accounts Receivable | 2.1 m | |||

## Accounts Payable | 4.2 m | 14 m | 9.1 m | (4.8 m) |

## Cash From Operating Activities | (45.4 m) | (87.1 m) | 60.8 m | (255.5 m) |

## Capital Expenditures | (5.8 m) | (7.3 m) | (18.3 m) | (18.2 m) |

## Cash From Investing Activities | 16.4 m | (129.8 m) | (21.3 m) | 28 m |

## Short-term Borrowings | (473 k) | (671 k) | (395 k) | (600 k) |

## Cash From Financing Activities | 131 m | 109.7 m | 208.3 m | 279 m |

## Free Cash Flow | (51.1 m) | (94.4 m) | 42.5 m | (273.7 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | (31.7 m) | (51.4 m) | (24.4 m) | (45 m) | (78.1 m) | (77.3 m) | (156.6 m) | (222.9 m) | (43.9 m) |

## Depreciation and Amortization | 2 m | 3 m | 1.3 m | 2.8 m | 4.3 m | 2 m | 4.1 m | 6.3 m | 2.1 m |

## Accounts Receivable | 1.9 m | 2 m | 1.7 m | ||||||

## Accounts Payable | (1.3 m) | (164 k) | (7.6 m) | (8.3 m) | (7.7 m) | 1.5 m | 9 m | 6.4 m | (4.9 m) |

## Cash From Operating Activities | (31.4 m) | (47.2 m) | (30.5 m) | (42.8 m) | (71.3 m) | (69.8 m) | (131.9 m) | (194.2 m) | (38.6 m) |

## Capital Expenditures | (1.8 m) | (4.9 m) | (4.9 m) | (9.2 m) | (13.6 m) | (5.5 m) | (11 m) | (15 m) | (1.1 m) |

## Cash From Investing Activities | (93.1 m) | (147.2 m) | 17.8 m | (21.6 m) | (30.8 m) | (169.4 m) | (150.5 m) | (57.9 m) | (25.3 m) |

## Short-term Borrowings | (338 k) | (505 k) | (164 k) | (315 k) | (458 k) | (143 k) | (246 k) | (350 k) | |

## Cash From Financing Activities | 108.9 m | 109.4 m | 195.5 m | 199.6 m | 208.1 m | 278.4 m | 278.6 m | 279.1 m | 15.4 m |

## Free Cash Flow | (33.2 m) | (52.1 m) | (35.4 m) | (52.1 m) | (85 m) | (75.3 m) | (142.9 m) | (209.2 m) | (39.7 m) |

USD | Y, 2017 |
---|---|

## Revenue/Employee | 16 k |

Source: 30 public H-1B filings from Novavax