NVAX Stock Balance Sheets

Novavax Quarterly Balance Sheets Chart

Quarterly

Annual

Goodwill

Account Receivables

Cash and Cash Eq

Account Payables

Deferred Revenue

Inventory

Novavax Quarterly Balance Sheets Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2000-12-31

assets
current assets:
cash and cash equivalents	253,744,000	263,338,000	530,230,000	573,630,000	680,162,000	480,586,000	568,505,000	651,104,000	505,912,000	624,950,000	1,336,883,000	1,280,581,000	1,375,587,000	1,570,954,000	1,515,116,000	1,936,998,000	2,074,880,000	1,995,482,000	334,171,000	424,395,000	179,881,000	78,823,000	71,167,000	71,995,000	97,711,000	70,154,000	56,496,000	88,475,000	113,402,000	106,307,000	104,245,000	75,793,000	95,847,000	144,353,000	119,948,000	89,395,000	132,225,000	93,108,000	138,144,000	167,384,000	215,050,000	34,473,000	103,857,000	109,921,000	119,471,000	14,318,000	13,092,000	8,358,000	16,215,000	9,446,000	14,575,000	29,984,000	25,216,000	19,629,000	26,938,000	36,794,000	23,513,000	14,702,000	4,350,000	15,816,000	7,337,000	7,782,000	7,161,000	21,294,000	78,601,000	83,941,000	31,893,000	6,944,000	4,442,000	9,202,000	17,876,000	27,503,000	15,623,000		27,633,000	6,045,000	9,625,000	14,320,000	3,005,000	7,630,000	15,927,000	10,885,000		23,296,000
marketable securities	358,560,000	468,141,000	392,888,000	335,901,000	369,432,000													2,250,000	169,860,000	77,902,000	57,474,000				2,484,000	21,980,000	70,612,000	78,636,000	30,358,000	50,996,000	68,321,000	111,515,000	115,331,000	91,126,000	180,335,000	276,967,000	301,642,000	137,548,000	152,042,000	147,554,000	112,685,000
restricted cash	10,749,000	10,681,000	10,626,000	10,547,000	10,486,000	10,455,000	10,424,000	10,393,000	10,361,000	10,330,000	10,303,000	10,785,000	10,274,000	11,492,000	11,490,000	8,175,000	46,398,000	32,128,000	67,154,000	106,768,000	6,900,000	2,947,000	4,355,000	5,030,000	6,628,000	10,847,000	17,586,000	10,132,000	19,548,000	28,234,000	32,422,000	30,188,000	27,319,000	30,314,000	31,521,000	33,312,000	29,619,000	34,964,000					203,000	336,000	1,417,000
accounts receivable	226,396,000	44,510,000	108,285,000	94,962,000	32,105,000	21,380,000	297,240,000	123,657,000	394,890,000	112,849,000	82,375,000	111,645,000	194,533,000	478,156,000	454,993,000	75,283,000	49,989,000	56,898,000	12,355,000			7,500,000												233,000	591,000	363,000	406,000							4,466,000																																2,860,000	1,872,000			1,514,000	3,273,000	3,902,000		3,012,000
inventory	10,240,000	10,263,000	8,749,000	8,638,000	9,172,000	15,778,000	41,696,000	69,592,000	23,488,000	34,185,000	36,683,000	82,432,000	256,301,000	106,648,000																																									42,000	55,000	47,000	43,000	25,000	498,000	444,000	735,000	600,000	900,000	757,000	780,000	800,000	1,651,000	1,400,000	2,372,000	3,464,000	2,278,000	747,000	872,000	855,000	731,000	801,000	630,000	633,000	930,000	655,000	906,000		659,000
prepaid expenses and other current assets	59,823,000	71,095,000	78,164,000	80,002,000	102,013,000	198,921,000	226,023,000	152,018,000	192,903,000	188,714,000	237,147,000	274,522,000	299,307,000	180,155,000	173,520,000	119,047,000	162,351,000	114,731,000	83,851,000	27,316,000	10,977,000	7,977,000	13,500,000	11,630,000	16,571,000	16,295,000	15,847,000	17,092,000	17,726,000	17,774,000	21,007,000	19,187,000	19,952,000	21,804,000	21,510,000	19,944,000	20,703,000	19,317,000	15,582,000	13,201,000	11,489,000						2,243,000	1,702,000	348,000	452,000	698,000	387,000	806,000	994,000	732,000	529,000	1,339,000	1,039,000	1,304,000	958,000	1,033,000	1,796,000	1,873,000	930,000	1,306,000	1,128,000	1,347,000	962,000	1,329,000	1,373,000	1,770,000	899,000	2,908,000	1,545,000	1,614,000	611,000	539,000	538,000	722,000	1,915,000	1,907,000	1,659,000		804,000
total current assets	919,512,000	868,028,000	1,128,942,000	1,103,680,000	1,203,370,000	727,120,000	1,143,888,000	1,006,764,000	1,127,554,000	971,028,000	1,703,391,000	1,759,965,000	2,136,002,000	2,347,405,000	2,155,119,000	2,174,181,000	2,354,992,000	2,246,784,000	671,217,000	636,381,000	255,232,000	97,247,000	89,022,000	110,218,000	123,394,000	119,276,000	160,541,000	194,335,000	181,034,000	203,311,000	225,995,000	236,683,000	258,449,000	287,830,000	353,905,000	419,981,000	484,595,000	287,257,000	310,102,000	332,979,000	350,094,000	191,979,000	166,602,000	128,873,000	145,001,000	26,253,000	28,416,000	28,976,000	37,810,000	27,594,000	33,817,000	34,935,000	32,041,000	26,642,000	35,096,000	46,681,000	38,309,000	43,036,000	49,016,000	55,317,000	63,480,000	71,066,000	77,342,000	80,100,000	84,489,000	89,450,000	37,611,000	10,704,000	8,304,000	13,573,000	23,937,000	32,460,000	22,577,000	26,620,000	32,062,000
property and equipment	129,643,000	133,538,000	138,413,000	285,724,000	288,559,000	291,093,000	305,771,000	300,982,000	299,955,000	307,414,000	294,247,000	255,532,000	254,526,000	247,213,000	228,696,000	214,751,000	213,186,000	192,044,000	131,834,000	115,375,000	10,795,000	11,445,000	12,244,000	12,987,000	26,972,000	28,426,000	29,343,000	30,829,000	32,422,000	35,987,000	37,299,000	38,531,000	39,439,000	40,184,000	40,955,000	39,668,000	36,558,000	32,342,000	29,421,000	26,134,000	23,967,000	17,492,000	15,124,000	14,270,000	14,251,000	7,531,000	7,629,000	7,859,000	8,203,000	8,050,000	8,259,000	7,644,000	7,879,000	8,019,000	8,228,000	8,365,000	7,940,000	7,874,000	5,721,000	9,381,000	9,555,000	9,710,000	9,861,000	10,237,000	10,761,000	11,103,000	11,589,000	12,116,000	12,759,000	13,447,000	14,147,000	14,568,000	15,117,000	15,347,000	15,244,000	14,275,000	13,840,000	13,858,000	13,655,000	12,968,000	10,852,000	7,939,000		2,513,000
right of use asset	153,044,000	157,495,000	161,585,000	165,766,000	169,507,000	181,175,000	185,218,000	190,741,000	95,739,000	103,923,000	106,241,000	108,543,000	85,770,000	86,352,000
goodwill	112,958,000	112,027,000	107,478,000	126,766,000	123,377,000	123,179,000	127,454,000	123,780,000	128,366,000	129,827,000	126,331,000	117,535,000	123,467,000	130,756,000	131,479,000	131,989,000	134,294,000	130,879,000	126,932,000	118,849,000	49,988,000	51,154,000	50,305,000	51,280,000	51,245,000	51,967,000	52,072,000	51,983,000	53,286,000	53,563,000	53,746,000	52,991,000	51,941,000	51,673,000	52,694,000	52,941,000	53,766,000	53,065,000	53,062,000	53,307,000	52,664,000	56,174,000	57,906,000	58,621,000	59,519,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000	33,141,000
other non-current assets	21,392,000	21,904,000	24,000,000	30,547,000	33,833,000	30,967,000	35,159,000	34,890,000	33,434,000	30,507,000	28,469,000	17,406,000	19,195,000	18,614,000	56,689,000	38,340,000	40,373,000	31,929,000	8,294,000	55,961,000	6,590,000	7,120,000	7,362,000	7,736,000	11,734,000	810,000	814,000	811,000	859,000	869,000	876,000	847,000	809,000	799,000	410,000	410,000	137,000	1,044,000	1,044,000	918,000	918,000	159,000	159,000	159,000	159,000	160,000	160,000	160,000	160,000	160,000	160,000	160,000	160,000	160,000	160,000	175,000	208,000	771,000	880,000	988,000	951,000	528,000	555,000	892,000	1,141,000		931,000				1,720,000
total assets	1,336,549,000	1,292,992,000	1,560,418,000	1,712,483,000	1,818,646,000	1,353,534,000	1,797,490,000	1,657,157,000	1,685,048,000	1,542,699,000	2,258,679,000	2,267,437,000	2,622,993,000	2,834,875,000	2,576,753,000	2,565,941,000	2,749,587,000	2,608,366,000	944,020,000	932,227,000	328,068,000	172,957,000	164,810,000	189,389,000	221,319,000	207,978,000	250,478,000	285,807,000	276,067,000	302,493,000	334,077,000	355,706,000	361,504,000	394,301,000	459,626,000	525,004,000	592,507,000	386,038,000	404,634,000	424,698,000	438,841,000	292,514,000	311,991,000	218,599,000	235,937,000	67,085,000	69,346,000	70,136,000	79,314,000	68,945,000	75,377,000	75,880,000	73,221,000	67,962,000	76,625,000	89,519,000	80,777,000	86,221,000	91,291,000	99,706,000	108,039,000	115,390,000	121,877,000	125,381,000	130,576,000	135,432,000	84,382,000	60,546,000	60,298,000	66,578,000	77,993,000	87,600,000	74,617,000	78,800,000	84,159,000
liabilities and stockholders’ equity
current liabilities:
accounts payable	50,595,000	34,162,000	41,579,000	57,517,000	79,962,000	57,724,000	132,610,000	101,914,000	87,246,000	124,801,000	216,517,000	144,997,000	386,488,000	135,128,000	127,050,000	59,564,000	73,995,000	113,605,000	15,097,000	9,242,000	2,518,000	2,910,000	4,210,000	4,303,000	6,150,000	9,301,000	6,790,000	6,686,000	5,770,000	5,613,000	5,242,000	8,021,000	3,790,000	5,685,000	16,231,000	15,991,000	11,237,000	11,889,000	8,201,000	7,117,000	9,742,000	2,975,000	4,495,000	4,018,000	5,985,000	2,395,000	2,961,000	3,362,000	3,350,000	3,433,000	5,474,000	1,544,000	1,460,000	1,024,000	1,750,000	1,967,000	729,000	2,186,000	1,490,000	2,359,000	2,479,000	1,764,000	1,530,000	884,000	780,000	811,000	1,426,000	753,000	1,230,000	1,518,000	3,242,000	4,114,000	4,058,000	2,364,000	2,342,000	2,201,000	1,694,000	1,599,000	2,534,000	2,584,000	4,318,000	1,826,000		1,483,000
accrued expenses	86,697,000	132,165,000	211,165,000	218,674,000	159,221,000	257,365,000	394,668,000	311,201,000	458,397,000	518,706,000	591,158,000	551,069,000	585,646,000	559,876,000	673,731,000	323,867,000	249,178,000	148,611,000	78,812,000	38,690,000	10,004,000	14,867,000	11,553,000	13,907,000	13,881,000	19,550,000	20,963,000	22,042,000	19,225,000	29,610,000	28,150,000	22,305,000	24,650,000	24,508,000	26,098,000	26,522,000	27,147,000	26,734,000	13,270,000	16,522,000	15,590,000																3,690,000	2,239,000		2,470,000	2,516,000	2,612,000		2,500,000	2,813,000	2,084,000	2,597,000	3,488,000	3,747,000	3,680,000	4,140,000	3,374,000	3,368,000	1,381,000	1,179,000	2,572,000	2,021,000	2,576,000	2,844,000	3,822,000	3,031,000	4,972,000		2,662,000
deferred revenue	113,763,000	108,334,000	675,067,000	613,418,000	666,390,000	240,900,000	241,310,000	192,187,000	300,473,000	415,764,000	370,137,000	404,776,000	701,518,000	1,094,232,000	1,422,944,000	1,262,360,000	1,220,073,000	822,809,000	81,814,000	158,851,000	3,113,000	1,678,000	2,590,000	4,188,000	5,943,000	10,010,000	15,365,000	7,683,000	16,377,000	25,625,000	31,464,000	30,028,000	24,679,000	30,079,000	30,157,000	32,807,000	28,907,000	34,469,000	2,500,000	2,500,000	2,500,000	3,000	25,000	57,000	271,000	2,500,000	2,500,000	2,500,000	7,000	54,000	61,000																																	2,688,000
current portion of finance lease liabilities	5,552,000	5,478,000	7,009,000	9,675,000	9,427,000	6,291,000	5,142,000	1,332,000	953,000	1,205,000	27,196,000	82,095,000	124,260,000	116,684,000	130,533,000	103,987,000	98,383,000	121,144,000	55,860,000
other current liabilities	132,531,000	142,031,000	219,596,000	281,715,000	242,811,000	242,102,000	861,408,000	861,956,000	749,186,000	858,382,000	930,055,000	160,499,000	34,158,000	31,271,000	36,061,000	3,637,000	9,887,000	2,386,000	5,604,000	1,470,000	1,316,000	1,262,000	1,191,000	1,140,000	3,491,000	1,600,000	1,566,000	1,530,000	1,501,000	7,749,000	1,390,000	1,359,000	1,348,000	1,056,000	55,000	73,000	72,000	1,598,000	1,697,000	1,695,000	1,704,000
total current liabilities	389,138,000	422,170,000	1,154,416,000	1,180,999,000	1,157,811,000	804,382,000	1,635,138,000	1,468,590,000	1,596,255,000	1,918,858,000	2,459,944,000	1,667,961,000	2,156,239,000	2,261,005,000	2,390,319,000	1,753,415,000	1,651,516,000	1,208,555,000	239,218,000	213,331,000	18,982,000	25,795,000	21,575,000	41,488,000	31,496,000	45,539,000	46,715,000	43,019,000	44,904,000	73,675,000	68,277,000	66,791,000	56,498,000	66,406,000	75,684,000	81,878,000	71,051,000	76,494,000	24,873,000	27,053,000	28,776,000	18,635,000	17,479,000	13,715,000	18,934,000	6,741,000	8,995,000	11,126,000	9,528,000	8,523,000	9,233,000	5,647,000	10,192,000	26,832,000	27,717,000	30,185,000	9,029,000	8,325,000	6,206,000	5,617,000	5,645,000	5,674,000	5,339,000	3,616,000	4,033,000	3,543,000	4,876,000	4,708,000	5,631,000	6,130,000	8,576,000	7,845,000	8,111,000	4,777,000	4,836,000
convertible notes payable	170,568,000	170,126,000	169,684,000	169,265,000	168,848,000	168,432,000					324,881,000	324,525,000	324,169,000	323,814,000	323,458,000	323,102,000	322,746,000	322,390,000	321,679,000	321,323,000	320,967,000	320,611,000	320,255,000	319,899,000	319,543,000	319,187,000	318,830,000	318,475,000	318,119,000	317,763,000	317,407,000	317,051,000	316,695,000	316,339,000	315,983,000	315,627,000	315,271,000
non-current finance lease liabilities	52,370,000	53,055,000	53,726,000	54,368,000	54,970,000	54,609,000	55,923,000	53,158,000	30,744,000	30,993,000	31,238,000	31,474,000					9,193,000	16,696,000	63,099,000
other non-current liabilities	287,585,000	313,727,000	359,614,000	318,917,000	335,292,000	351,722,000	33,130,000	37,296,000	38,383,000	47,511,000	55,695,000	98,569,000	69,075,000	66,798,000	42,121,000	28,088,000	20,570,000	21,598,000	11,262,000	10,725,000	9,590,000	10,068,000	10,318,000	10,752,000	17,464,000	8,687,000	9,112,000	9,520,000	9,913,000	10,287,000	16,434,000	15,449,000	14,910,000	14,602,000	3,434,000	3,330,000	3,248,000	3,170,000	3,094,000	73,000	91,000	1,399,000	1,507,000	1,562,000	1,568,000
total liabilities	1,298,924,000	1,368,635,000	2,184,259,000	2,238,919,000	2,250,352,000	2,220,618,000	2,514,417,000	2,335,507,000	2,439,567,000	2,438,281,000	2,892,757,000	2,833,422,000	3,039,943,000	2,769,551,000	2,928,426,000	2,104,605,000	2,004,025,000	1,569,239,000	637,758,000	547,879,000	352,039,000	358,974,000	354,648,000	374,882,000	371,902,000	375,913,000	377,157,000	373,514,000	375,436,000	404,225,000	408,228,000	414,768,000	390,603,000	399,847,000	409,842,000	414,887,000	407,074,000	93,369,000	37,618,000	37,095,000	39,135,000	30,864,000	30,260,000	27,539,000	32,703,000	12,488,000	13,075,000	16,607,000	12,321,000	11,422,000	12,238,000	8,863,000	13,500,000	30,168,000	31,136,000	33,387,000	33,556,000	30,426,000	28,226,000	27,823,000	27,780,000	28,278,000	27,876,000	26,242,000
commitments and contingencies
preferred stock, 0.01 par value, 2,000,000 shares authorized at june 30, 2025 and december 31, 2024; no shares issued and outstanding at june 30, 2025 and december 31, 2024
stockholders' equity
common stock	1,645,000	1,642,000	1,619,000	1,616,000	1,613,000	1,417,000	1,405,000	1,196,000	952,000	871,000	868,000	792,000	788,000	787,000	764,000	760,000	747,000	745,000	633,000	612,000	539,000	324,000	256,000	235,000	4,699,000	3,849,000	3,832,000	3,821,000	3,472,000	3,237,000	3,106,000	2,904,000	2,831,000	2,717,000	2,717,000	2,714,000	2,712,000	2,704,000	2,703,000	2,691,000	2,684,000	2,389,000	2,386,000	2,097,000	2,091,000	1,154,000	1,151,000	1,120,000	1,111,000	1,023,000	1,008,000	938,000	892,000	693,000	692,000	692,000	624,000	624,000	624,000	624,000	624,000	623,000	622,000	618,000	618,000	617,000	503,000	441,000	398,000	398,000	398,000	398,000	351,000	350,000	349,000
additional paid-in capital	4,522,193,000	4,512,849,000	4,501,403,000	4,490,630,000	4,477,748,000	4,204,775,000	4,192,164,000	4,066,585,000	3,855,916,000	3,767,733,000	3,737,979,000	3,640,597,000	3,604,614,000	3,566,292,000	3,351,967,000	3,310,513,000	3,237,085,000	3,180,114,000	1,848,644,000	1,699,072,000	1,450,279,000	1,260,551,000	1,226,314,000	1,210,941,000	1,201,853,000	1,140,964,000	1,132,738,000	1,127,298,000	1,069,391,000	1,020,457,000	997,014,000	968,996,000	956,299,000	935,997,000	932,208,000	925,629,000	920,001,000	951,569,000	947,055,000	934,176,000	926,691,000	727,369,000	724,908,000	615,279,000	612,900,000	380,931,000	380,970,000	373,277,000	374,384,000	354,776,000	350,957,000	329,646,000	315,037,000	285,248,000	284,595,000	284,158,000	265,901,000	265,103,000	264,618,000	264,219,000	263,629,000	262,289,000	261,822,000	260,816,000	260,400,000	259,713,000	195,361,000	171,403,000	167,511,000	167,496,000	167,496,000	167,468,000	144,655,000	144,351,000	144,288,000	120,457,000	120,389,000	118,938,000	102,361,000	102,217,000	102,217,000	100,209,000		97,086,000
accumulated deficit	-4,383,296,000	-4,489,804,000	-5,008,450,000	-4,927,420,000	-4,806,120,000	-4,968,501,000	-4,820,951,000	-4,642,562,000	-4,511,786,000	-4,569,794,000	-4,275,889,000	-4,093,640,000	-3,925,027,000	-3,414,542,000	-3,617,950,000	-2,771,666,000	-2,449,235,000	-2,096,918,000	-1,696,635,000	-1,499,325,000	-1,457,665,000	-1,431,801,000	-1,399,971,000	-1,381,928,000	-1,342,325,000	-1,299,107,000	-1,249,773,000	-1,205,203,000	-1,160,711,000	-1,114,359,000	-1,063,517,000	-1,018,909,000	-974,444,000	-929,996,000	-872,887,000	-806,633,000	-727,282,000	-650,030,000	-571,224,000	-538,104,000	-517,463,000	-461,547,000	-441,820,000	-423,956,000	-410,146,000	-325,951,000	-322,738,000	-317,745,000	-305,344,000	-294,988,000	-285,562,000	-260,195,000	-252,665,000	-244,125,000	-235,776,000	-224,696,000	-216,854,000	-207,482,000	-199,727,000	-190,510,000	-181,544,000	-173,350,000	-164,962,000	-158,814,000	-153,800,000	-147,389,000	-141,894,000	-148,049,000	-145,322,000	-139,606,000	-130,720,000	-120,431,000	-117,775,000	-110,058,000	-104,800,000	-101,717,000	-98,357,000	-93,328,000	-87,527,000	-82,382,000	-75,668,000	-70,172,000		-61,637,000
treasury stock	-102,459,000	-101,938,000	-95,854,000	-94,860,000	-94,439,000	-93,950,000	-92,267,000	-91,706,000	-91,424,000	-91,226,000	-90,659,000	-89,940,000	-86,455,000	-85,901,000	-85,101,000	-79,132,000	-47,205,000	-44,457,000	-41,207,000	-2,638,000	-2,638,000	-2,583,000	-2,583,000	-2,451,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,450,000	-2,449,000	-2,356,000	-2,356,000	-2,413,000	-2,413,000	-2,413,000	-2,413,000	-2,413,000	-2,413,000	-2,413,000	-2,413,000	-2,413,000
accumulated other comprehensive income	-458,000	1,608,000	-22,559,000	3,598,000	-10,508,000	-10,825,000	2,722,000								-1,353,000	861,000	4,170,000	-357,000																								-4,111,000	-1,293,000	90,000	839,000	913,000	910,000	899,000	864,000	734,000	758,000	650,000	479,000
total stockholders’ equity	37,625,000										-634,078,000			65,324,000	-351,673,000	461,336,000	745,562,000	1,039,127,000	106,440,000															-5,546,000	49,784,000	110,117,000	185,433,000	292,669,000	367,016,000	387,603,000	399,706,000	261,650,000	281,731,000	191,060,000	203,234,000	54,597,000	56,271,000	53,529,000	66,993,000	57,523,000	63,139,000	67,017,000	59,721,000	37,794,000	45,489,000	56,132,000	47,221,000	55,795,000	63,065,000	71,883,000	80,259,000	87,112,000	94,001,000	99,139,000	103,830,000	109,105,000	49,652,000	19,902,000	18,694,000	24,395,000	33,281,000	43,542,000	23,338,000	30,750,000	35,944,000							23,029,000		29,997,000
total liabilities and stockholders’ equity	1,336,549,000										2,258,679,000			2,834,875,000	2,576,753,000	2,565,941,000	2,749,587,000	2,608,366,000	944,020,000															394,301,000	459,626,000	525,004,000	592,507,000	386,038,000	404,634,000	424,698,000	438,841,000	292,514,000	311,991,000	218,599,000	235,937,000	67,085,000	69,346,000	70,136,000	79,314,000	68,945,000	75,377,000	75,880,000	73,221,000	67,962,000	76,625,000	89,519,000	80,777,000	86,221,000	91,291,000	99,706,000	108,039,000	115,390,000	121,877,000	125,381,000	130,576,000	135,432,000	84,382,000	60,546,000	60,298,000	66,578,000	77,993,000	87,600,000	74,617,000	78,800,000	84,159,000							62,890,000		68,830,000
liabilities and stockholders’ deficit
preferred stock, 0.01 par value, 2,000,000 shares authorized at march 31, 2025 and december 31, 2024; no shares issued and outstanding at march 31, 2025 and december 31, 2024
stockholders' deficit:
total stockholders’ deficit		-75,643,000	-623,841,000	-526,436,000	-431,706,000	-867,084,000	-716,927,000	-678,350,000	-754,519,000	-895,582,000		-565,985,000	-416,950,000								-23,971,000	-186,017,000	-189,838,000	-185,493,000	-150,583,000	-167,935,000	-126,679,000	-87,707,000	-99,369,000	-101,732,000	-74,151,000	-59,062,000	-29,099,000
total liabilities and stockholders’ deficit		1,292,992,000	1,560,418,000	1,712,483,000	1,818,646,000	1,353,534,000	1,797,490,000	1,657,157,000	1,685,048,000	1,542,699,000		2,267,437,000	2,622,993,000								328,068,000	172,957,000	164,810,000	189,389,000	221,319,000	207,978,000	250,478,000	285,807,000	276,067,000	302,493,000	334,077,000	355,706,000	361,504,000
preferred stock, 0.01 par value, 2,000,000 shares authorized at december 31, 2024 and 2023; no shares issued and outstanding at december 31, 2024 and 2023
stockholders’ deficit:
preferred stock, 0.01 par value, 2,000,000 shares authorized at september 30, 2024 and december 31, 2023; no shares issued and outstanding at september 30, 2024 and december 31, 2023
preferred stock, 0.01 par value, 2,000,000 shares authorized at june 30, 2024 and december 31, 2023; no shares issued and outstanding at june 30, 2024 and december 31, 2023
preferred stock, 0.01 par value, 2,000,000 shares authorized at march 31, 2024 and december 31, 2023; no shares issued and outstanding at march 31, 2024 and december 31, 2023
preferred stock, 0.01 par value, 2,000,000 shares authorized at december 31, 2023 and 2022; no shares issued and outstanding at december 31, 2023 and 2022
preferred stock, 0.01 par value, 2,000,000 shares authorized at september 30, 2023 and december 31, 2022; no shares issued and outstanding at september 30, 2023 and december 31, 2022
accumulated other comprehensive loss								-11,863,000	-8,177,000	-3,166,000	-6,377,000	-23,794,000	-10,870,000	-1,312,000					-4,995,000	-13,195,000	-14,486,000	-12,508,000	-13,854,000	-12,290,000	-12,360,000	-11,191,000	-11,026,000	-11,173,000	-9,071,000	-8,617,000	-8,304,000	-9,603,000	-11,335,000	-11,814,000	-9,804,000	-9,143,000	-7,548,000	-9,124,000	-9,068,000	-8,710,000	-9,756,000
preferred stock, 0.01 par value, 2,000,000 shares authorized at june 30, 2023 and december 31, 2022; no shares issued and outstanding at june 30, 2023 and december 31, 2022.
preferred stock, 0.01 par value, 2,000,000 shares authorized at march 31, 2023 and december 31, 2022; no shares issued and outstanding at march 31, 2023 and december 31, 2022.
preferred stock, 0.01 par value, 2,000,000 shares authorized at december 31, 2022 and 2021; no shares issued and outstanding at december 31, 2022 and 2021
stockholders’ equity
intangible assets												8,456,000	4,033,000	4,535,000	4,770,000	5,027,000	5,281,000	5,270,000	5,332,000	5,250,000	5,052,000	5,581,000	5,469,000	5,958,000	6,114,000	6,541,000	6,754,000	6,897,000	7,575,000	7,873,000	8,138,000	9,475,000	9,161,000	9,225,000	9,958,000	10,300,000	10,962,000	10,793,000	11,005,000	11,360,000	11,198,000	13,763,000	15,090,000	15,918,000	16,250,000																		978,000
preferred stock, 0.01 par value, 2,000,000 shares authorized at december 31, 2021 and 2020; no shares issued and outstanding at december 31, 2021 and 2020
unbilled receivable																34,678,000
preferred stock, 0.01 par value, 2,000,000 shares authorized at september 30, 2021 and december 31, 2020; no shares issued and outstanding at september 30, 2021 and december 31, 2020
stockholders' equity:
unbilled services																	21,374,000	45,295,000	3,826,000
preferred stock, 0.01 par value, 2,000,000 shares authorized at june 30, 2021 and december 31, 2020; no shares issued and outstanding at june 30, 2021 and december 31, 2020
preferred stock, 0.01 par value, 2,000,000 shares authorized at march 31, 2021 and december 31, 2020; no shares issued and outstanding at march 31, 2021 and december 31, 2020, respectively

accrued interest																			2,031,000	5,078,000	2,031,000	5,078,000	2,031,000	5,078,000	2,031,000	5,078,000	2,031,000	5,078,000	2,031,000	5,078,000	2,031,000	5,078,000	2,031,000	5,078,000	2,031,000	5,146,000	2,099,000
preferred stock, 0.01 par value, 2,000,000 shares authorized; 438,885 shares of redeemable series a convertible preferred stock issued and outstanding at september 30, 2020 and no shares issued and outstanding at december 31, 2019																			199,822,000
liabilities, preferred stock and stockholders’ equity
preferred stock, 0.01 par value, 2,000,000 shares authorized; 438,885 shares of redeemable series a convertible preferred stock issued and outstanding at june 30, 2020 and no shares issued and outstanding at december 31, 2019																				199,822,000
total stockholders' equity																				184,526,000
total liabilities, preferred stock and stockholders' equity																				932,227,000
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2020 and december 31, 2019, respectively
revenue:
grant and other																					3,377,000		2,507,000	3,357,000	3,982,000
total revenue																					3,377,000		2,507,000	3,357,000	3,982,000						8,352,000	6,732,000
expenses:
research and development																					16,895,000		18,611,000	30,417,000	35,473,000						41,862,000	39,263,000
general and administrative																					9,379,000		7,899,000	9,606,000	8,732,000						8,118,000	8,940,000
total expenses																					26,274,000		17,494,000	40,023,000	44,205,000						49,980,000	48,203,000
income from operations																					-22,897,000		-14,987,000	-36,666,000	-40,223,000						-41,628,000	-41,471,000
other income:
investment income																					436,000		342,000	474,000	420,000						531,000	523,000
interest expense																					-3,403,000		-3,403,000	-3,403,000	-3,403,000						-3,520,000	-3,516,000
other income																							5,000	-8,000	-12,000						10,000	-1,000
net income																					-25,864,000		-18,043,000	-39,603,000	-43,218,000						-44,607,000	-44,465,000
basic and diluted net income per share																					-580		-740	-1,690	-110						-150	-160
basic and diluted weighted-average number of common shares outstanding																					44,421,000		24,327,000	23,473,000	408,843,000						296,435,000	283,444,000
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding at december 31, 2019 and 2018
f-4
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2019 and december 31, 2018, respectively
gain on catalent transaction																							-9,016,000
assets held for sale																								21,563,000																																899,000	899,000	899,000	899,000
liabilities held for sale																								12,872,000
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2019 and december 31, 2018, respectively
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2019 and december 31, 2018, respectively
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding at december 31, 2018 and 2017
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2018 and december 31, 2017, respectively
1
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2018 and december 31, 2017, respectively
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2018 and december 31, 2017, respectively
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding at december 31, 2017 and 2016
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2017 and december 31, 2016, respectively
government contracts
research and development collaborations																															8,352,000	6,732,000
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2017 and december 31, 2016, respectively
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2017 and december 31, 2016, respectively
notes payable																																			45,000	149,000	252,000
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding at december 31, 2016 and 2015
deferred rent																																			1,067,000	1,190,000	1,337,000	1,409,000	1,212,000	1,187,000	1,161,000	1,061,000	1,042,000	475,000	470,000	375,000	364,000	352,000	330,000	319,000	292,000	278,000	273,000	334,000	328,000	324,000	652,000	390,000	391,000	389,000	360,000	208,000	79,000	112,000	144,000	160,000	176,000	190,000	165,000	166,000	166,000	166,000	171,000	162,000	154,000
stockholders’ equity:
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2016 and december 31, 2015, respectively
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2016 and december 31, 2015, respectively
commitments and contingences
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2016 and december 31, 2015, respectively
accounts receivable – billed																																						1,449,000	2,197,000	2,342,000	6,674,000	2,859,000	3,719,000
accounts receivable – unbilled																																						871,000
current portion of notes payable																																						395,000	493,000	532,000	579,000	795,000	822,000	852,000	877,000	40,000	60,000	80,000	80,000	80,000	80,000	281,000	234,000	385,000	650,000	182,000	333,000	482,000	1,120,000	305,000	476,000	508,000	731,000	219,000	386,000	552,000	715,000
non-current portion of notes payable																																							45,000	149,000	252,000	571,000	717,000	861,000	1,004,000	300,000	300,000	300,000	340,000	360,000	380,000		450,000	468,000	480,000	200,000	220,000	240,000	260,000	550,000	627,000	396,000	458,000	514,000	569,000	624,000	678,000
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding at december 31, 2015 and 2014
account receivable – unbilled																																							2,137,000	2,498,000	4,196,000	4,233,000	4,839,000
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2015 and december 31, 2014, respectively
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2015 and december 31, 2014, respectively
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2015 and december 31, 2014, respectively
short-term investments available-for-sale																																										143,617,000	48,599,000	2,907,000	13,597,000	5,286,000	9,229,000	15,565,000	20,648,000	17,340,000	18,313,000
prepaid expenses																																										6,395,000	5,116,000	4,626,000	3,044,000	2,392,000
other current assets																																										402,000	269,000	504,000	573,000	392,000
investments available-for-sale																																										12,189,000	56,352,000
accrued expenses and other current liabilities																																										13,712,000	10,998,000	8,208,000	11,223,000	3,931,000	3,110,000	4,832,000	5,761,000	4,637,000	3,326,000	3,544,000	3,229,000	3,208,000	2,969,000				2,980,000				3,078,000
current portion of capital leases																																										89,000	97,000	105,000	108,000
non-current portion of capital leases																																										150,000	172,000	191,000	195,000
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2014 and december 31, 2013, respectively
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2014 and december 31, 2013, respectively
unbilled receivables																																												6,113,000	4,988,000	3,848,000	2,020,000	834,000
preferred stock, 0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding
accounts receivables																																													1,911,000	17,000	1,832,000	2,517,000
warrant liability																																														869,000	1,605,000	2,909,000
notes receivable from former directors																																															-1,572,000	-1,572,000	-1,572,000	-1,572,000	-1,572,000
accounts and other receivables																																																	599,000	356,000	231,000
short-term investments classified as available for sale																																																				4,391,000	5,978,000	5,958,000		8,450,000	8,875,000	14,625,000	9,200,000
accounts and other receivables, net of allowance for doubtful accounts of 218 as of september 30, 2009 and december 31, 2008, respectively																																																				173,000
current assets of discontinued operations																																																							132,000	523,000	711,000	414,000	531,000
convertible notes, current																																																					4,996,000	21,881,000		21,676,000
current liabilities of discontinued operations																																																							242,000	75,000	3,625,000	2,839,000	616,000
non-current liabilities																																																				433,000
notes receivable from directors																																																				-1,572,000	-1,572,000	-1,572,000	-1,572,000	-1,572,000							-1,031,000	-1,032,000	-1,032,000	-1,480,000	-1,480,000	-1,480,000	-1,480,000	-1,480,000	-1,480,000	-1,480,000	-1,480,000	-1,480,000	-1,480,000	-1,480,000	-1,480,000	-1,480,000	-1,480,000
accounts and other receivables, net of allowance for doubtful accounts of 218 as of june 30, 2009 and december 31, 2008, respectively																																																					41,000
accounts and other receivables, net of allowance for doubtful accounts of 218 as of march 31, 2009 and december 31, 2008																																																						61,000
short-term investments available for sale																																																							6,962,000
short-term investments held to maturity
accounts and other receivables, net of allowance for doubtful accounts of 218 and 168 as of december 31, 2008 and 2007, respectively																																																							290,000
non-current assets of discontinued operations																																																								258,000	280,000	500,000	1,634,000
convertible notes, current portion net of discount																																																							21,778,000
convertible notes, net of discount																																																											21,369,000	21,267,000
short-term investments classified as held to maturity																																																									3,497,000	11,566,000	32,939,000
accounts and other receivables, net of allowance for doubtful accounts of 209 and 168 as of september 30, 2008 and december 31, 2007, respectively																																																								330,000
accrued expenses and other liabilities																																																								5,961,000
convertible notes, non-current
preferred stock, .01 par value, 2,000,000 shares authorized; no shares issued and outstanding
accounts and other receivables, net of allowance for doubtful accounts of 211 and 168 as of june 30, 2008 and december 31, 2007, respectively																																																									327,000
convertible notes																																																									21,574,000	21,471,000			21,148,000	22,000,000	22,000,000	22,000,000	22,000,000	22,000,000	29,000,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000			30,000,000
accounts and other receivables, net of allowance for doubtful accounts of 207 and 168 as of march 31, 2008 and december 31, 2007, respectively.																																																										647,000
bank overdraft																																																										579,000		483,000	174,000	790,000
accounts and other receivables, net of allowance for doubtful accounts of 168 and 117 as of december 31, 2007 and 2006, respectively																																																											667,000
other intangible assets																																																												879,000	912,000	945,000		1,011,000	1,044,000	1,077,000	1,110,000	3,330,000	4,617,000	4,832,000	5,048,000	5,467,000	2,983,000	3,146,000	3,310,000	3,474,000	3,637,000	3,803,000	3,966,000
note receivable from director
short-term investments																																																												36,444,000	53,879,000	59,847,000	66,434,000	53,851,000
accounts and other receivables, net of allowance for doubtful accounts of 186 and 117 as of september 30, 2007 and december 31, 2006, respectively																																																												1,601,000
accounts and other receivables, net of allowance for doubtful accounts of 236 and 117 as of june 30, 2007 and december 31, 2006, respectively																																																													787,000
accounts and other receivables, net of allowance for doubtful accounts of 185 and 117 as of march 31, 2007 and december 31, 2006, respectively.																																																														906,000
accounts and other receivables, net of allowance for doubtful accounts of 117 and 429 at december 31, 2006 and 2005																																																															1,274,000
facility exit costs																																																																13,000	54,000	96,000
unearned compensation																																																																			-425,000
accounts and other receivables, net of allowance for doubtful accounts of 346 and 429 as of september 30, 2006 and december 31, 2005, respectively																																																																3,125,000
accounts and other receivables, net of allowance for doubtful accounts of 325 and 429 as of june 30, 2006 and december 31, 2005, respectively																																																																	3,825,000
accounts and other receivables, net of allowance for doubtful accounts of 288 and 429 as of march 31, 2006 and december 31, 2005, respectively																																																																		3,601,000
other non current assets																																																																		661,000		1,255,000	1,477,000	1,585,000		1,964,000	799,000	546,000
accounts and other receivables, net of allowance for doubtful accounts of 429 and 752 as of december 31, 2005 and 2004																																																																			3,571,000
current portion of facility exit costs																																																																			138,000
non-current portion of facility exit costs
trade accounts receivable, net of allowance for doubtful accounts of 387 and 752 as of september 30, 2005 and december 31, 2004, respectively																																																																				1,147,000
current portion of capital lease obligations and other liabilities																																																																				467,000	654,000	932,000	1,194,000
non-current portion of capital lease obligations and other liabilities																																																																				746,000	808,000	887,000	970,000	1,047,000
trade accounts receivable, net of allowance for doubtful accounts of 765 and 752 as of june 30, 2005 and december 31, 2004, respectively																																																																					1,133,000
trade accounts receivable, net of allowance for doubtful accounts of 773 and 752 as of march 31, 2005 and december 31, 2004, respectively																																																																						626,000
trade accounts receivable, net allowance for doubtful accounts of 752 and 376 for the years ended december 31, 2004 and 2003																																																																							827,000
deferred revenue – current																																																																									250,000	250,000	250,000			250,000		350,000	425,000			2,000,000
deferred revenue – non-current																																																																									2,000,000	2,062,000	2,125,000			2,313,000				2,563,000
trade accounts receivable, net of allowance for doubtful accounts of 551 and 376 as of september 30, 2004 and december 31, 2003, respectively																																																																								1,780,000
deferred revenue — current																																																																												250,000	250,000		275,000			500,000
current portion of capital lease obligations and other liabilities.																																																																								357,000
deferred revenue — non-current																																																																												2,187,000	2,250,000		2,375,000
trade accounts receivable, net of allowance for doubtful accounts of 397 and 376 as of june 30, 2004 and december 31, 2003																																																																									3,299,000
current portion of long term debt and capital lease obligations																																																																									435,000	782,000	1,065,000			169,000	211,000
non-current portion of long term debt and capital lease obligations																																																																									997,000	1,049,000
cash and cash equivalent																																																																										21,885,000
trade accounts receivable, net of allowance for doubtful accounts of 382 and 376 as of march 31, 2004 and december 31, 2003																																																																										2,318,000
trade accounts receivable, net allowance for doubtful accounts of 376 and 193 for the years ended december 31, 2003 and 2002																																																																											1,960,000
other long term assets																																																																											402,000			476,000	501,000
non current portion of long term debt and capital lease obligations																																																																											1,100,000
other long-term assets																																																																												426,000	453,000
current portion of capital lease obligations																																																																												226,000
long-term debt, capital lease obligations and other																																																																												1,296,000	1,345,000
current portion of long-term debt and capital lease obligations																																																																													226,000
trade accounts receivable																																																																														1,271,000	1,882,000
long terms debt, capital lease obligations and other																																																																														1,434,000
long term debt, capital lease obligations and other																																																																															1,193,000
goodwill and other intangible assets																																																																																37,271,000	37,435,000	37,599,000		38,546,000
deferred revenue – non current																																																																																2,437,000	2,500,000
preferred stock, .01 par value, 2,000,000 shares authorized;
notes receivable from shareholders																																																																																-1,519,000	-1,480,000	-1,480,000
assets current assets:
liabilities and stockholders’ equity current liabilities:
convertible note																																																																																		30,000,000
3.1
3.2
4.
††10.1																																																																																			1,995
††10.2																																																																																					1,995
††10.3
††10.4
††10.5
††10.6
*††10.7
*††10.8
10.9
*10.10
*10.11
*10.12
*10.13
10.14
10.15
10.16
10.17
10.18
10.19
10.20
10.21
10.22
10.23
10.24
3.3
*3.4
10.1
*††10.4
10.6
††10.7
††10.8
10.11
10.12
10.13
16.
*21
*23.1
*23.2
27

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