Novavax, Inc
(NASDAQ:NVAX)

Novavax, Inc., a biotechnology company, focuses on the discovery, development, and commercialization of vaccines to prevent serious infectious diseases and address health needs. The company's vaccine candidates include NVX-CoV2373, a coronavirus vaccine candidate that is in two Phase III trials, one...

Website: http://www.novavax.com

Founded: 1987

Full Time Employees: 522

CEO: Stanley C. Erck

Sector: Healthcare

Industry: Biotechnology

Pharmaceuticals

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At a glance:

Bull Thesis:

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2020-12-31	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	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	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

revenue:
product sales	42,200,000	39,197,000	13,442,000	10,724,000	621,678,000	49,774,000	38,210,000	19,904,000	82,324,000	251,452,000	2,231,000	285,163,000	-7,457,000	287,787,000	626,091,000	55,455,000	585,628,000																																																																				1,627,000	3,647,000	1,959,000					4,776,000
licensing, royalties, and other	97,314,000	107,942,000	57,003,000	228,516,000	44,977,000	38,537,000	46,302,000	395,580,000
total revenue	139,514,000	147,139,000	70,445,000	239,240,000	666,655,000	88,311,000	84,512,000	415,484,000	93,855,000	291,342,000	186,986,000	424,426,000	80,951,000	357,399,000	734,577,000	185,925,000	703,971,000	222,200,000	178,844,000	298,017,000	447,229,000	279,659,000	2,507,000	35,538,000	3,377,000	8,816,000	2,507,000	3,357,000	3,982,000	6,127,000	7,735,000	10,773,000	9,653,000	10,412,000	8,352,000	6,732,000	5,680,000	5,399,000	3,231,000	2,505,000	4,218,000	5,853,000	6,525,000	13,996,000	9,877,000	8,214,000	8,259,000	7,462,000	8,748,000	4,802,000	3,531,000	3,833,000	5,765,000
yoy	-79.07%	66.61%	-16.64%	-42.42%	610.30%	-69.69%	-54.80%	-2.11%	15.94%	-18.48%	-74.55%	128.28%	-88.50%	60.85%	310.74%	-37.61%	57.41%	-20.55%	7033.79%	738.59%	13143.38%	3072.18%	0.00%	958.62%	-15.19%	43.89%	-67.59%	-68.84%	-58.75%	-41.15%	-7.39%	60.03%	69.95%	92.85%	158.50%	168.74%	34.66%	-7.76%	-50.48%	-82.10%	-57.29%	-28.74%	-21.00%	87.56%	12.91%	71.05%	133.90%	94.68%	51.74%
qoq	-5.18%	108.87%	-70.55%	-64.11%	654.89%	4.50%	-79.66%	342.69%	-67.79%	55.81%	-55.94%	424.30%	-77.35%	-51.35%	295.09%	-73.59%	216.82%	24.24%	-39.99%	-33.36%	59.92%	11055.13%	-92.95%	952.35%	-61.69%	251.66%	-25.32%	-15.70%	-35.01%	-20.79%	-28.20%	11.60%	-7.29%	24.66%	24.06%	18.52%	5.20%	67.10%	28.98%	-40.61%	-27.93%	-10.30%	-53.38%	41.70%	20.25%	-0.54%	10.68%	-14.70%	82.17%	36.00%	-7.88%	-33.51%
expenses:
cost of sales	30,695,000	22,104,000	21,496,000	15,325,000	14,115,000	36,669,000	60,619,000	46,242,000	59,209,000	154,976,000	98,929,000	55,777,000	34,086,000	181,765,000	434,593,000	271,077,000	15,204,000																																																																				346,000	761,000	388,000
research and development	95,472,000	75,876,000	98,274,000	79,233,000	88,937,000	104,380,000	87,164,000	106,946,000	92,679,000	164,697,000	106,229,000	219,475,000	247,101,000	257,850,000	304,297,000	289,648,000	383,483,000	962,957,000	408,195,000	570,685,000	592,671,000	401,199,000	18,611,000	34,846,000	16,895,000	29,340,000	18,611,000	30,417,000	35,473,000	43,415,000	41,326,000	44,542,000	44,514,000	49,656,000	41,862,000	39,263,000	37,654,000	51,100,000	52,983,000	64,904,000	68,952,000	83,958,000	27,917,000	25,042,000	25,888,000	19,219,000	15,202,000	14,518,000	16,319,000	13,948,000	10,785,000	9,432,000	6,395,000	5,176,000	5,077,000	6,239,000	5,584,000	5,414,000	7,870,000	6,327,000	9,029,000	5,256,000	5,297,000	4,266,000	5,865,000	8,655,000	5,380,000	4,434,000	4,113,000	5,634,000	4,193,000	3,659,000	3,193,000	2,903,000	3,401,000	2,032,000	1,316,000	1,161,000	1,377,000	1,222,000	1,541,000	1,552,000	1,229,000	3,047,000	2,345,000	2,554,000	2,792,000
selling, general, and administrative	28,777,000	34,122,000	31,655,000	43,612,000	48,090,000	78,342,000	70,747,000	101,298,000	86,798,000	155,237,000	107,460,000	93,717,000	112,532,000	161,663,000	122,876,000	108,160,000	95,992,000
total expenses	154,944,000	132,909,000	248,463,000	138,170,000	151,142,000	219,391,000	218,530,000	254,486,000	238,686,000	474,910,000	312,618,000	368,969,000	393,719,000	601,278,000	861,766,000	668,885,000	494,679,000	1,047,171,000	485,988,000	643,846,000	655,861,000	462,512,000	17,494,000	52,565,000	26,274,000	37,521,000	17,494,000	40,023,000	44,205,000	52,639,000	49,635,000	52,766,000	53,166,000	58,196,000	49,980,000	48,203,000	46,506,000	59,444,000	66,539,000	79,003,000	79,480,000
income from operations	-15,430,000	14,230,000	-178,018,000	101,070,000	515,513,000	-131,080,000	-134,018,000	160,998,000	-144,831,000	-183,568,000	-125,632,000	55,457,000	-312,768,000	-243,879,000	-127,189,000	-482,960,000	209,292,000	-824,971,000	-307,144,000	-345,829,000	-208,632,000	-182,853,000	-14,987,000	-17,027,000	-22,897,000	-28,705,000	-14,987,000	-36,666,000	-40,223,000	-46,512,000	-41,900,000	-41,993,000	-43,513,000	-47,784,000	-41,628,000	-41,471,000	-40,826,000	-54,045,000	-63,308,000	-76,498,000	-75,262,000	-78,902,000	-33,199,000	-20,821,000	-24,313,000	-19,789,000	-17,851,000	-14,385,000	-9,545,250	-15,279,000	-12,898,000	-10,005,000	-6,849,000	-5,855,000	-7,467,000	-3,968,000	-5,921,000	-7,430,000	-10,539,000										-6,743,750	-9,257,000	-8,725,000	-8,992,000	-6,840,000	-5,694,000	-7,038,000	-5,035,000	6,708,000	-2,237,000	-5,225,000	-8,417,000	-9,908,000	-2,320,000	-7,340,000	-4,896,000	-3,060,000	-2,960,000	-4,632,000	-5,401,000	-4,166,500	-6,339,000	-5,234,000	-5,094,000
yoy	-102.99%	-110.86%	32.83%	-37.22%	-455.94%	-28.59%	6.68%	190.31%	-53.69%	-24.73%	-1.22%	-111.48%	-249.44%	-70.44%	-58.59%	39.65%	-200.32%	351.17%	1949.40%	1931.06%	811.18%	537.01%	0.00%	-53.56%	-43.07%	-38.28%	-64.23%	-12.69%	-7.56%	-2.66%	0.65%	1.26%	6.58%	-11.58%	-34.25%	-45.79%	-45.75%	-31.50%	90.69%	267.41%	209.55%	298.72%	85.98%	44.74%	154.71%	29.52%	38.40%	43.78%	39.37%	160.96%	72.73%	152.14%	15.67%	-21.20%	-29.15%														-1.41%	62.57%	23.97%	78.59%	-201.97%	154.54%	34.70%	-40.18%	-167.70%	-3.58%	-28.81%	71.92%	223.79%	-21.62%	58.46%	-9.35%	-26.56%	-53.30%	-11.50%	6.03%
qoq	-208.43%	-107.99%	-276.13%	-80.39%	-493.28%	-2.19%	-183.24%	-211.16%	-21.10%	46.12%	-326.54%	-117.73%	28.25%	91.75%	-73.66%	-330.76%	-125.37%	168.59%	-11.19%	65.76%	14.10%	1120.08%	-11.98%	-25.64%	-20.23%	91.53%	-59.13%	-8.84%	-13.52%	11.01%	-0.22%	-3.49%	-8.94%	14.79%	0.38%	1.58%	-24.46%	-14.63%	-17.24%	1.64%	-4.61%	137.66%	59.45%	-14.36%	22.86%	10.86%	24.09%	50.70%	-37.53%	18.46%	28.92%	46.08%	16.98%	-21.59%	88.18%	-32.98%	-20.31%	-29.50%											-27.15%	6.10%	-2.97%	31.46%	20.13%	-19.10%	39.78%	-175.06%	-399.87%	-57.19%	-37.92%	-15.05%	327.07%	-68.39%	49.92%	60.00%	3.38%	-36.10%	-14.24%	29.63%	-34.27%	21.11%	2.75%
operating margin %	-11.06%	9.67%	-252.70%	42.25%	77.33%	-148.43%	-158.58%	38.75%	-154.31%	-63.01%	-67.19%	13.07%	-386.37%	-68.24%	-17.31%	-259.76%	29.73%	-371.27%	-171.74%	-116.04%	-46.65%	-65.38%	-597.81%	-47.91%	-678.03%	-325.60%	-597.81%	-1092.23%	-1010.12%	-759.13%	-541.69%	-389.80%	-450.77%	-458.93%	-498.42%	-616.03%	-718.77%	-1001.02%	-1959.39%	-3053.81%	-1784.31%	-1348.06%	-508.80%	-148.76%	-246.16%	-240.92%	-216.14%	-192.78%	-109.11%	-318.18%	-365.28%	-261.02%	-118.80%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%
other income:
interest expense	-4,901,000	-5,824,000	-5,482,000	-5,518,000	-5,723,000	-7,585,000	-4,236,000	-4,143,000	-4,111,000	-4,117,000	-2,859,000	-3,124,000	-4,316,000	-4,601,000	-4,169,000	-6,234,000	-4,876,000	-5,138,000	-5,182,000	-5,968,000	-4,839,000	-3,879,000	-3,403,000	-3,403,000	-3,403,000	-3,403,000	-3,403,000	-3,403,000	-3,403,000	-3,403,000	-3,403,000	-3,403,000	-3,403,000	-3,523,000	-3,520,000	-3,516,000	-3,513,000	-3,508,000	-3,511,000	-3,512,000	-2,430,000	-115,000	-64,000	-26,000	-36,000	-47,000	-51,000	-52,000	-28,000	-64,000	-45,000	-22,000	-6,000	-3,000	-3,000	-2,000	-2,000	-2,000	-2,000	-2,000	-2,000								-283,000	-458,000		604,000	-348,000	-341,000		-460,000	-553,000	-490,000	-491,000	-469,000	-451,000	-337,000	-377,000	-362,000	-23,000	-401,000	-396,000	-401,000	221,500	375,000	263,000	-248,000
other income	11,825,000	9,497,000	9,178,000	11,902,000	10,056,000	13,135,000	15,922,000	7,731,000	3,654,000	10,984,000	-2,982,000	5,532,000	24,362,000			-19,873,000	1,654,000	131,000	-4,394,000	2,659,000		9,026,000	5,000	2,612,000		2,000	5,000	-8,000	-12,000	-3,000	-19,000	97,000	33,000	47,000	10,000	-1,000	11,000	2,000	11,000	-11,000				72,000	-142,000	-19,000	18,000		192,000	-10,000									136,000			732,000	-710,000	-1,212,000
income before income tax expense	-8,506,000	17,903,000	-203,036,000	107,454,000	519,846,000			164,586,000				57,865,000	-292,722,000			-509,067,000	206,070,000
income tax expense	985,000	-3,354,000	-657,000	946,000	1,200,000	-14,319,000	-1,032,000	2,205,000	2,262,000	-2,374,000	-697,000	-143,000	1,183,000	-2,260,000	2,472,000	1,418,000	2,662,000	16,609,000	6,041,000	3,548,000	3,017,000																												3,000		5,000	17,000					412,000
net income	-9,491,000	17,527,000	-202,379,000	106,508,000	518,646,000	-81,030,000	-121,300,000	162,381,000	-147,550,000	-178,389,000	-130,776,000	58,008,000	-293,905,000	-182,249,000	-168,613,000	-510,485,000	203,408,000	-846,284,000	-322,431,000	-352,317,000	-222,719,000	-177,564,000	-18,043,000	-17,521,000	-25,864,000	-31,830,000	-18,043,000	-39,603,000	-43,218,000	-49,334,000	-44,570,000	-44,492,000	-46,352,000	-50,842,000	-44,607,000	-44,465,000	-43,854,000	-57,109,000	-66,254,000	-79,351,000	-77,252,000	-78,806,000	-33,120,000	-20,641,000	-24,370,000	-19,727,000	-17,864,000	-13,810,000	-14,054,000	-15,300,000	-12,633,000	-9,996,000	-7,217,000	-5,920,000	-7,336,000	-3,212,000	-4,993,000	-7,453,000	-10,355,000	-9,426,000	-11,412,000	-7,530,000	-8,540,000	-8,349,000	-6,242,250	-7,842,000	-9,372,000	-7,755,000	-6,387,000	-8,966,000	-8,194,000	-8,388,000	-6,148,000	-5,014,000	-6,411,000	-5,495,000	6,155,000	-2,727,000	-5,716,000	-8,886,000	-10,289,000	-2,657,000	-7,717,000	-5,258,000	-3,083,000	-3,361,000	-5,028,000	-5,802,000	-4,388,000	-6,714,000	-5,497,000	-5,342,000
yoy	-101.83%	-121.63%	66.84%	-34.41%	-451.51%	-54.58%	-7.25%	179.93%	-49.80%	-2.12%	-22.44%	-111.36%	-244.49%	-78.46%	-47.71%	44.89%	-191.33%	376.61%	1687.01%	1910.83%	761.12%	457.85%	0.00%	-55.76%	-40.15%	-35.48%	-59.52%	-10.99%	-6.76%	-2.97%	-0.08%	0.06%	5.70%	-10.97%	-32.67%	-43.96%	-43.23%	-27.53%	100.04%	284.43%	217.00%	299.48%	85.40%	49.46%	73.40%	28.93%	41.41%	38.16%	94.73%	158.45%	72.21%	211.21%	44.54%	-20.57%	-29.15%	-65.92%	-56.25%	-1.02%	21.25%	12.90%	82.82%	-3.98%	-8.88%	7.66%	-2.27%	-12.54%	14.38%	-7.55%	3.89%	78.82%	27.81%	52.65%	-199.89%	83.87%	12.16%	-38.16%	-159.82%	2.63%	-25.93%	69.00%	233.73%	-20.95%	53.48%	-9.38%	-29.74%	-49.94%	-8.53%	8.61%
qoq	-154.15%	-108.66%	-290.01%	-79.46%	-740.07%	-33.20%	-174.70%	-210.05%	-17.29%	36.41%	-325.44%	-119.74%	61.27%	8.09%	-66.97%	-350.97%	-124.04%	162.47%	-8.48%	58.19%	25.43%	884.12%	2.98%	-32.26%	-18.74%	76.41%	-54.44%	-8.36%	-12.40%	10.69%	0.18%	-4.01%	-8.83%	13.98%	0.32%	1.39%	-23.21%	-13.80%	-16.51%	2.72%	-1.97%	137.94%	60.46%	-15.30%	23.54%	10.43%	29.36%	-1.74%	-8.14%	21.11%	26.38%	38.51%	21.91%	-19.30%	128.39%	-35.67%	-33.01%	-28.03%	9.86%	-17.40%	51.55%	-11.83%	2.29%	33.75%	-20.40%	-16.33%	20.85%	21.42%	-28.76%	9.42%	-2.31%	36.43%	22.62%	-21.79%	16.67%	-189.28%	-325.71%	-52.29%	-35.67%	-13.64%	287.24%	-65.57%	46.77%	70.55%	-8.27%	-33.15%	-13.34%	32.22%	-34.64%	22.14%	2.90%
net income margin %	-6.80%	11.91%	-287.29%	44.52%	77.80%	-91.76%	-143.53%	39.08%	-157.21%	-61.23%	-69.94%	13.67%	-363.07%	-50.99%	-22.95%	-274.57%	28.89%	-380.87%	-180.29%	-118.22%	-49.80%	-63.49%	-719.70%	-49.30%	-765.89%	-361.05%	-719.70%	-1179.71%	-1085.33%	-805.19%	-576.21%	-413.00%	-480.18%	-488.30%	-534.09%	-660.50%	-772.08%	-1057.77%	-2050.57%	-3167.70%	-1831.48%	-1346.42%	-507.59%	-147.48%	-246.73%	-240.16%	-216.30%	-185.07%	-160.65%	-318.62%	-357.77%	-260.79%	-125.19%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%
net income per share																																																														-0.08	-0.1	-0.12	-0.1	-0.12	-0.15	-0.13
basic	-0.06	0.11	-1.25	0.66	3.22			1.09				0.65	-3.41			-6.53	2.66
diluted	-0.06	0.05	-1.25	0.62	2.93			0.99				0.58	-3.41				2.56
weighted-average number of common shares outstanding:
basic	163,276	161,991	162,353	162,019	161,049			148,379				89,362	86,158			78,143	76,457
diluted	163,276	173,103	162,353	177,215	177,625			165,855				104,065	86,158				80,711
impairment of assets held for sale		807,000	97,038,000
loss on debt extinguishment			-28,714,000
grants										37,943,000	164,922,000	137,079,000	87,379,000	69,573,000	106,273,000	107,774,000	99,301,000
loss before income tax expense						-73,581,000	-122,332,000							-184,509,000	-166,141,000
net income per share																																																														-0.08	-0.1	-0.12	-0.1	-0.12	-0.15	-0.13
basic and diluted						-0.52	-0.76		-1.05	-1.47	-1.26			-2.29	-2.15
weighted-average number of common shares outstanding:
basic and diluted						152,190	160,049		139,916	100,768	103,429			78,183	78,274
royalties and other									11,531,000	1,947,000	19,833,000	2,184,000	1,029,000	39,000	2,213,000	22,696,000	19,042,000
income before income taxes									-145,288,000	-91,582,500	-131,473,000
weighted-average number of common shares outstanding
basic and diluted						152,190	160,049		139,916	100,768	103,429			78,183	78,274
weighted-average number of common shares outstanding
basic	163,276	161,991	162,353	162,019	161,049			148,379				89,362	86,158			78,143	76,457
diluted	163,276	173,103	162,353	177,215	177,625			165,855				104,065	86,158				80,711
other expense:
other expense														-13,250,500	-34,783,000						-6,593,000																				-33,000	-30,250	-51,000
net income per share																																																														-0.08	-0.1	-0.12	-0.1	-0.12	-0.15	-0.13
basic	-0.06	0.11	-1.25	0.66	3.22			1.09				0.65	-3.41			-6.53	2.66
weighted-average number of common shares outstanding
basic	163,276	161,991	162,353	162,019	161,049			148,379				89,362	86,158			78,143	76,457
government contracts																		180,185,000	97,502,000	240,534,000	382,704,000																	2,000	102,000	134,000	1,946,000	4,071,000	6,307,000	13,720,000	9,246,000	7,504,000	7,241,000	5,472,000	6,723,000	4,268,000	3,276,000	3,441,000	5,583,000
grant and other																		34,988,000	41,401,000	34,026,000	64,525,000	38,172,500	2,507,000	35,538,000	3,377,000	1,316,000	2,507,000	3,357,000	3,982,000	6,127,000	7,735,000	10,773,000	9,653,000
royalties																		15,849,500	39,941,000	23,457,000
general and administrative																		84,214,000	77,793,000	73,161,000	63,190,000	61,313,000	7,899,000	17,719,000	9,379,000	8,181,000	7,899,000	9,606,000	8,732,000	9,224,000	8,309,000	8,224,000	8,652,000	8,540,000	8,118,000	8,940,000	8,852,000	8,344,000	13,556,000	14,099,000	10,528,000	8,851,000	9,060,000	7,088,000	5,843,000	4,757,000	5,806,000	4,308,000	4,079,000	3,857,000	4,012,000	2,694,000	2,381,000	2,664,000	3,246,000	2,737,000	3,338,000	2,850,000	2,844,000	3,148,000	2,535,000	3,207,000	2,562,000		1,918,750	1,265,000	3,166,000	3,244,000	2,761,000	3,085,000			3,327,000	2,530,000	2,610,000	2,720,000	2,005,000	1,694,000	2,292,000	2,121,000	2,724,000	1,901,000	2,059,000	2,032,000	2,373,000	1,911,000	1,810,000
investment income																		303,000	330,000	369,000	362,000	142,000	342,000	297,000	436,000	276,000	342,000	474,000	420,000	584,000	752,000	807,000	531,000	418,000	531,000	523,000	474,000	442,000	554,000	670,000	473,000	210,000	194,000	134,000	121,000
net loss before income tax expense																		-221,215,250	-316,390,000	-348,769,000	-219,702,000
basic and diluted net loss per share																		-11.31	-4.31	-4.75	-3.05	-2.88	-0.74	-0.3	-0.58	-1.08	-0.74	-1.69	-0.11	-0.13	-0.12	-0.12	-0.14	-0.16	-0.15	-0.16	-0.16	-0.21	-0.24	-0.29	-0.29	-0.3	-0.12			-0.08	-0.08																																												-0.22	-0.22
basic and diluted weighted-average number of common shares outstanding																		74,400	74,745	74,118	73,035	57,554	24,327	58,618	44,421	24,100	24,327	23,473		369,757	382,315	375,923	336,972	292,669	296,435	283,444		270,802	271,064	270,760	270,179	262,248	269,554	268,083	241,223	238,304	217,178		169,658	168,537	152,312	148,448	134,178	126,925	120,558	115,107	112,821	111,188	107,092	100,694	100,188	92,297,263	84,832,226	68,692,455		66,521,776	61,329,699	61,280,155		61,399,445	61,311,954	61,221,075			61,465,003	52,267,386	42,758,302	43,469,637	39,553,876	39,553,876	36,926,034	38,577,458	34,779,657	34,722,402	29,852,797		29,988,875	26,990,427
government contract																						10,812,250
gain on catalent transaction																							-9,016,000				-9,016,000
basic and diluted weighted average number of common shares outstanding																													408,843								274,178
research and development collaborations																																		5,191,000	8,352,000	6,732,000	5,680,000	5,397,000	3,129,000	2,371,000	2,272,000	1,782,000	218,000	276,000	631,000	710,000	1,018,000	1,990,000	2,025,000	534,000	255,000	392,000
costs and expenses:
cost of government contracts revenue																																										2,013,500	2,747,000	2,687,000	2,459,000	4,027,000	5,102,000	3,021,000	2,603,000	2,276,000	1,632,000	1,712,000	3,838,000
total costs and expenses																																										27,182,750	39,724,000	34,817,000	34,190,000	28,003,000	26,110,000	21,847,000	23,001,000	20,081,000	16,429,000	13,838,000	12,614,000	12,958,000	12,109,000
realized gains on marketable securities
basic and diluted net income per share																																												-0.08	-0.1			-0.07	-0.06	-0.09	-0.08	-0.07	-0.05	-0.05	-0.06	-0.03	-0.04	-0.07	-0.1	-0.09	-0.11												-0.073	-0.08											-0.123	-0.11			-0.18	-0.27
interest income																																														128,000	20,000	12,000	38,000	53,000	48,000	48,000	39,000	39,000	33,000	22,000	38,000	46,000	50,000	44,000	44,000				-149,250	-604,000	-110,000	117,000	639,750	749,000	531,000		-700,000	1,021,000
change in fair value of warrant liability																																																			267,000		-401,000	-101,000	101,000	736,000	1,304,000	-67,000
realized gains on investments																																																615,000
loss from operations before income tax																																														-19,727,000	-17,864,000
income from operations before income tax																																																-13,810,000	-9,476,750	-15,300,000	-12,628,000	-9,979,000	-7,217,000	-5,920,000		-3,212,000	-4,581,000
basic and diluted weighted-average number of common shares outstanding																																																208,927
research and development collaboration																																																					182,000
contract revenue																																																						7,103,000	4,642,000
cost of contract revenue																																																						5,118,000	3,786,000
revenue																																																								5,008,000	3,001,000	834,000	175,000	7,000	110,000
operating expenses:
total operating expenses																																																								8,976,000	8,922,000	8,264,000	10,714,000	9,475,000	11,564,000
income tax (benefit) expense
impairment of short-term investments
realized gains on short-term investments
income from continuing operations																																																												-9,468,000	-11,454,000	-7,530,000	-8,540,000	-8,349,000	-6,436,750	-10,330,000	-8,314,000	-7,103,000
revenues																																																														201,000	29,000	21,000
operating costs and expenses:
total operating costs and expenses																																																														8,463,000	7,859,000	7,158,000	6,536,000	9,920,000	8,546,000	7,678,000	7,279,250	10,572,000	8,883,000	9,660,000	8,188,000	6,887,000	7,877,000	6,338,000	-4,464,000	4,104,000	7,540,000	9,379,000	11,954,000	2,309,000	10,345,000	8,116,000
income from operations before other income																																																														-8,262,000	-7,830,000
income from discontinued operations																																																																	194,500	2,488,000	-1,058,000	-652,000
basic and diluted net income per share:
loss per share from continuing operations																																																														-0.08	-0.1	-0.12	-0.103	-0.16		-0.12
income per share from discontinued operations
net income per share																																																														-0.08	-0.1	-0.12	-0.1	-0.12	-0.15	-0.13
loss per share from discontinued operations																																																																			-0.02	-0.01
selling, general and administrative																																																																2,892,000							3,362,000	4,597,000
income from continuing operations before other income																																																																-7,137,000
revenues:
net product sales																																																																					169,500	453,000	-64,000	357,000	833,000	571,000	378,000	719,000	641,000	1,300,000	1,889,000	719,000	2,207,000	-664,000	2,656,000	2,197,000
contract research and development																																																																	231,250	142,000	325,000	458,000	242,000	710,000	110,000	222,000	427,000	582,000	403,000	474,000	712,000	417,000	426,000	243,000	-161,000	653,000	286,000	960,000	284,000	560,000	253,000
royalties, milestone and licensing fees																																																																	17,250	52,000	17,000					89,000	88,000	40,000	58,000	110,000
total revenues																																																																	248,500	194,000	342,000	458,000	-687,000	1,315,000	158,000	668,000	1,348,000	1,193,000	839,000	1,303,000	2,244,000	1,867,000	2,315,000	962,000	2,046,000	-11,000	3,005,000	3,220,000
cost of products sold																																																																					-3,106,000	1,096,000	855,000	1,317,000	1,360,000	1,170,000	1,161,000	1,233,000	717,000	1,068,000	2,027,000	1,979,000	1,362,000	364,000	1,501,000	263,000
income from continuing operations before interest income																																																																	-6,287,500	-9,726,000	-8,204,000	-7,220,000
gain per share from discontinued operations																																																																	0.003	0.04
basic and diluted net income per share: loss per share from continuing operations																																																																			-0.14
basic and diluted loss per share:
royalties and milestone fees																																																																					79,500	152,000
excess inventory costs over market																																																																					329,250	757,000	473,000	87,000	293,000	264,000	677,000	315,000
basic and diluted loss per share																																																																					-0.105	-0.15	-0.13	-0.14			-0.1	-0.11	0.16	-0.06	-0.14	-0.22	-0.27	-0.07	-0.22	-0.15			-0.17	-0.22
royalities, milestone and licensing fees																																																																							112,000
selling and marketing																																																																									15,000	20,000	28,000	38,000	88,000	930,000	1,844,000	4,057,000	6,327,000	8,931,000	5,556,000	2,774,000
facility exit costs																																																																														107,000				723,000
gain on sale of product assets																																																																													-214,000	-856,000
total other income																																																																									211,750	680,000
weighted-average number of common shares used in computing basic and diluted net income per share																																																																									58,664,365	61,500,942
interest income / (expense)																																																																											627,000
milestone and licensing fees																																																																													37,500	150,000					63,000	63,000	63,000	62,000	63,000					813,000
gain on redemption of debt																																																																																		-11,162,000
basic and diluted weighted-average number of common outstanding																																																																																						30,134,586
operating costs and expense:
weighted-average shares used for eps calculation																																																																																										24,653,759	24,563,612	23,851,186
contract research & development																																																																																												505,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2020-12-31	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	2013-09-30	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	228,363,000	240,634,000	268,023,000	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	553,398,000	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	122,493,000	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	561,969,000	494,450,000	494,871,000	358,560,000	468,141,000	392,888,000	335,901,000	369,432,000													2,250,000	157,649,000	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		10,876,000	10,816,000	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	93,880,000	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	124,000
accounts receivable	23,312,000	106,446,000	34,174,000	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	262,012,000	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	11,458,000	11,545,000	13,511,000	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	25,714,000	26,815,000	45,532,000	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	181,264,000	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
assets held for sale		87,510,000	107,663,000																									21,563,000																																	899,000	899,000	899,000	899,000
total current assets	850,816,000	978,276,000	974,590,000	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	1,248,203,000	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	155,020,000	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	42,149,000	44,800,000	49,120,000	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	179,954,000	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	13,969,000	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	21,358,000	22,897,000
goodwill	112,888,000	113,462,000	113,080,000	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	135,379,000	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	58,759,000	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	15,951,000	17,077,000	19,226,000	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	11,758,000	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	164,000	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	1,043,162,000	1,176,512,000	1,179,889,000	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	1,582,479,000	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	245,074,000	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’ deficit
current liabilities:
accounts payable	16,101,000	24,578,000	15,227,000	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	54,332,000	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	3,339,000	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	103,027,000	107,165,000	115,586,000	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	137,390,000	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	88,772,000	140,053,000	104,251,000	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	273,228,000	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	190,000	2,500,000	2,500,000	2,500,000	7,000	54,000	61,000																																	2,688,000
current portion of finance lease liabilities	2,112,000	2,507,000	5,036,000	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	105,862,000	55,860,000
other current liabilities	132,449,000	137,778,000	138,334,000	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	3,782,000	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
liabilities held for sale		47,869,000	51,435,000																									12,872,000
total current liabilities	342,461,000	459,950,000	429,869,000	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	579,672,000	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	14,260,000	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
long-term debt	291,039,000
non-current finance lease liabilities	1,907,000	2,091,000	2,269,000	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	40,083,000	63,099,000
other non-current liabilities	193,244,000	239,068,000	263,483,000	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	13,480,000	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	1,578,000
total liabilities	1,187,924,000	1,304,265,000	1,336,561,000	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	955,270,000	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	28,500,000	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...																							199,822,000	199,822,000
stockholders' deficit:
common stock, 0.01 par value...	1,678,000	1,650,000	1,648,000	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	714,000	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	2,090,000	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
additional paid-in capital	4,548,592,000	4,539,756,000	4,531,763,000	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	2,535,476,000	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	611,913,000	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	-4,577,639,000	-4,568,148,000	-4,585,675,000	-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	-1,874,199,000	-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	-396,092,000	-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	-112,319,000	-103,021,000	-102,663,000	-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	-41,806,000	-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	-2,450,000	-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	-5,074,000	2,010,000		-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	7,024,000																								-4,111,000	-1,293,000	90,000	839,000	1,113,000	913,000	910,000	899,000	864,000	734,000	758,000	650,000	479,000
total stockholders’ deficit	-144,762,000	-127,753,000	-156,672,000		-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	1,043,162,000	1,176,512,000	1,179,889,000		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		2,267,437,000	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
convertible notes payable		244,213,000	243,835,000	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	322,035,000	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
stockholders’ deficit:
right of use asset			23,873,000	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
accumulated other comprehensive loss			-1,745,000								-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
liabilities and stockholders’ equity
stockholders' equity
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	627,209,000	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	216,574,000	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	1,582,479,000	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	245,074,000	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
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	5,725,000	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
unbilled receivable																			34,678,000
stockholders' equity:
unbilled services																				21,374,000	45,295,000		3,826,000
accrued interest																						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	5,078,000	2,031,000	5,146,000	2,099,000
liabilities, preferred stock and stockholders’ equity
total stockholders' equity																								184,526,000
total liabilities, preferred stock and stockholders' equity																								932,227,000
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			3,231,000	2,505,000
expenses:
research and development																									16,895,000		18,611,000	30,417,000	35,473,000						41,862,000	39,263,000			52,983,000	64,904,000
general and administrative																									9,379,000		7,899,000	9,606,000	8,732,000						8,118,000	8,940,000			13,556,000	14,099,000
total expenses																									26,274,000		17,494,000	40,023,000	44,205,000						49,980,000	48,203,000			66,539,000	79,003,000
income from operations																									-22,897,000		-14,987,000	-36,666,000	-40,223,000						-41,628,000	-41,471,000			-63,308,000	-76,498,000
other income:
investment income																									436,000		342,000	474,000	420,000						531,000	523,000			554,000	670,000
interest expense																									-3,403,000		-3,403,000	-3,403,000	-3,403,000						-3,520,000	-3,516,000			-3,511,000	-3,512,000
other income																											5,000	-8,000	-12,000						10,000	-1,000			11,000	-11,000
net income																									-25,864,000		-18,043,000	-39,603,000	-43,218,000						-44,607,000	-44,465,000			-66,254,000	-79,351,000
basic and diluted net income per share																									-580		-740	-1,690	-110						-150	-160			-240	-290
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			271,064,000	270,760,000
f-4
gain on catalent transaction																											-9,016,000
1
government contracts																																							102,000	134,000
research and development collaborations																																			8,352,000	6,732,000			3,129,000	2,371,000
notes payable																																							45,000	149,000	252,000
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	466,000	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:
commitments and contingences
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	597,000	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	1,653,000	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
account receivable – unbilled																																											2,137,000	2,498,000	4,196,000	4,233,000	4,839,000
short-term investments available-for-sale																																														143,617,000	48,599,000	2,907,000	13,597,000	23,917,000	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	3,016,000	2,392,000
other current assets																																														402,000	269,000	504,000	573,000	365,000	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	9,553,000	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	115,000
non-current portion of capital leases																																														150,000	172,000	191,000	195,000	222,000
unbilled receivables																																																6,113,000	4,988,000	3,194,000	3,848,000	2,020,000	834,000
accounts receivables																																																	1,911,000	1,911,000	17,000	1,832,000	2,517,000
warrant liability																																																			869,000	1,605,000	2,909,000
intangibles																																																		16,405,000
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...
common stock, .01 par value...																																																													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
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
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

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2020-12-31	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	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	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

operating activities:
net income	-9,491,000	17,527,000	-202,379,000	106,508,000	518,646,000								-293,905,000				203,408,000																											-20,641,000	-24,370,000			-13,810,000	-14,054,000	-15,299,000	-12,634,000	-9,996,000	-7,216,000	-5,920,000	-7,336,000							-7,530,000	-8,540,000	-8,349,000								-8,388,000	-6,148,000	-5,014,000	-6,411,000	-5,495,000	6,155,000				-10,289,000	-2,656,000	-7,717,000	-5,258,000	-3,083,000	-3,360,000	-5,028,000	-5,802,000	-5,145,000
reconciliation of net income to net cash from operating activities:
depreciation and amortization	3,062,000	5,125,000	6,585,000	7,563,000	8,340,000	12,517,000	12,700,000	11,132,000	12,147,000	10,794,000	11,321,000	10,067,000	9,043,000	7,222,000	8,347,000	6,720,000	6,765,000	3,672,000	4,262,000	2,410,000	2,317,000	1,794,000	1,186,000	980,000	925,000	932,000	880,000	1,925,000	1,939,000	1,982,000	2,041,000	2,057,000	2,079,000	2,121,000	3,529,000	2,056,000	2,111,000	2,218,000	2,221,000	2,112,000	1,954,000	1,636,000	1,552,000	1,486,000	1,309,000	1,039,000	976,000	980,000	955,000	675,000	512,000	449,000	406,000	406,000	404,000	409,000	399,000	389,000	358,000	337,000	296,000
non-cash stock-based compensation	7,724,000		8,549,000	9,214,000	10,285,000	10,448,000	12,049,000	14,099,000	11,556,000	15,658,000	20,760,000	20,292,000	28,647,000	27,775,000	31,544,000	38,048,000	32,933,000	32,169,000	45,274,000	53,123,000	53,060,000	50,433,000	65,705,000	7,932,000	3,965,000	4,245,000	2,624,000	4,621,000	5,558,000	4,387,000	4,431,000	4,251,000	5,245,000	6,752,000	4,331,000	4,513,000	4,213,000	3,780,000	5,162,000	5,257,000	4,961,000	4,153,000	4,764,000	2,582,000	1,932,000	1,691,000	1,852,000	1,040,000	696,000	663,000	638,000	483,000	492,000	589,000	587,000	542,000	703,000	432,000	632,000	425,000	84,000
provision for excess and obsolete inventory		0	566,000	1,103,000	276,000	1,057,000	1,441,000	9,665,000	8,807,000	22,664,000	17,987,000	19,056,000	12,490,000	89,522,000	202,413,000
impairment of long-lived assets	266,000		3,033,000			-1,299,000	3,762,000	0	1,669,000	0	0
other items	-8,972,000	1,303,000	-229,000	-11,868,000	16,550,000	-18,023,000	-1,099,000	1,762,000	-4,449,000	-4,027,000	-2,926,000	1,163,000	-1,252,000	3,156,000	-24,417,000	-1,276,000	634,000	-10,380,000
changes in operating assets and liabilities:
inventory	-226,000	2,148,000	-3,753,000	-4,010,000	2,375,000	-189,000	-1,073,000	-2,643,000	16,819,000	8,085,000	-63,181,000	-10,139,000	-9,222,000	-51,335,000	-22,741,000	-304,168,000	-99,557,000																																															-2,000		-8,000	-4,000	-18,000		-54,000	291,000	-135,000	300,000	-143,000	23,000	20,000		-538,000	971,000	1,092,000		-1,531,000	125,000	-17,000	-124,000
accounts receivable, prepaid expenses, and other assets	86,243,000	-51,940,000	207,927,000	-168,814,000	73,867,000	913,000	-37,590,000	94,712,000	296,054,000	-240,024,000	232,064,000	-284,912,000	18,430,000	77,841,000	58,480,000
accounts payable, accrued expenses, and other liabilities	-60,078,000	-21,543,000	-26,535,000	-62,642,000	-211,846,000	-42,468,000	23,326,000	-94,023,000	-272,461,000	-29,544,000	93,977,000	-213,139,000	-230,099,000	822,981,000	-88,740,000
deferred revenue	-50,951,000	-2,367,000	-11,712,000	-4,865,000	-603,995,000	-6,902,000	-37,030,000	117,184,000	-6,147,000	211,889,000	-218,881,000	217,585,000	140,275,000	-890,646,000	-78,459,000	-15,418,000	-61,391,000	332,967,000	45,745,000	397,261,000	549,584,000	191,410,000	-77,038,000	155,736,000	1,437,000	-915,000	-1,839,000	-2,410,000	-3,167,000	-5,354,000	7,682,000	-8,691,000	-9,247,000	-9,447,000	-7,931,000	18,321,000	-5,399,000	-77,000	-2,649,000	-1,687,000	-1,644,000	36,035,000	-4,000	2,000	107,000	-17,000	-28,000	-215,000	-142,000	59,000	-78,000	-180,000				0			-47,000	-7,000	-89,000																					0	-62,000	-63,000	-62,000
net cash from operating activities	-32,423,000	-39,475,000	107,804,000	-127,462,000	-185,502,000	-173,163,000	-144,814,000	314,269,000	-83,555,000	-176,781,000	-39,655,000	-171,938,000	-325,593,000	-117,816,000	-38,708,000	-170,903,000	-88,510,000	-342,408,000	-142,143,000	144,412,000	663,085,000	-128,568,000	-6,497,000	115,634,000	-23,110,000		-32,259,000	-30,014,000	-50,607,000	-45,266,000	-33,513,000	-39,971,000	-66,075,000	-32,078,000	-37,255,000	-30,746,000	-38,617,000	-61,248,000	-62,356,000	-62,032,000	-69,831,000	-54,751,000	-28,527,000	-12,322,000	-30,490,000	-15,874,000	-10,941,000	-20,431,000	-12,263,000	-14,880,000	-7,633,000	-10,583,000	-3,793,000	-6,126,000	-4,220,000	-3,321,000	-8,398,000	-9,041,000	-8,317,000	-9,347,000	-9,380,000	-6,417,000	-7,300,000	-6,727,000		-10,418,000	-1,970,000	-5,202,000		-9,159,000	-5,952,000	-6,697,000		-3,239,000	-4,829,000	-4,328,000		-789,000	-4,379,000	-8,359,000		-9,960,000	-5,853,000	-4,891,000						-5,888,000
investing activities:
capital expenditures, including internal-use software	-1,270,000
proceeds from assets held for sale	39,750,000
purchases of marketable securities	-214,130,000																	0	0	0	-2,167,000	-96,872,000	-158,722,000	-50,002,000	-57,606,000	0	-15,000,000	0	-2,484,000	-2,978,000	-38,798,000	-76,390,000	-1,984,000	-50,976,000	-16,025,000	-40,714,000	-110,330,000	-28,806,000	-37,120,000	-44,050,000	-246,580,000	-74,233,000	-78,559,000	-68,931,000	-6,798,000
proceeds from maturities of marketable securities	147,289,000																					109,074,000	66,738,000			0	15,000,000	2,500,000	22,000,000	51,813,000	47,190,000	28,394,000	22,721,000	68,385,000	59,208,000	44,479,000	86,130,000		133,654,000	68,560,000	82,657,000		73,757,000	33,900,000	29,450,000
net cash from investing activities	-28,361,000			111,098,000	-73,319,000	144,007,000	31,912,000	-372,707,000	-7,250,000	-9,078,000	-18,391,000	-7,779,000	-23,558,000	-22,064,000	-29,519,000	-24,576,000	-16,826,000	-16,364,000	-12,190,000	-12,901,000	141,609,000	-31,122,000	-100,710,000	-188,218,000	-57,728,000		17,973,000	2,024,000	18,711,000	48,318,000	7,996,000	-48,305,000	20,587,000			2,531,000	-25,284,000	85,905,000	92,571,000	18,981,000	-169,440,000	9,559,000	-9,210,000	-39,407,000	17,788,000	-54,100,000	-102,781,000	9,701,000	9,161,000	15,412,000	-3,207,000	-4,974,000	-7,349,000	-4,528,000	-3,270,000				-3,958,000	829,000	-14,840,000	2,262,000	-104,000	68,000		6,187,000	11,428,000	15,598,000		17,577,000	6,319,000	6,729,000	-12,367,000	-53,793,000	-428,000	-227,000		-23,000	-72,000	-8,000		-525,000	-315,000	-587,000					-895,000	-2,401,000
financing activities:
proceeds from credit facility, net of issuance costs	46,411,000
net proceeds from the exercise of stock-based awards, net of tax withholding	-8,158,000
finance lease payments	-578,000	-6,274,000	-984,000	-612,000	-2,201,000	-2,756,000	-512,000	-366,000	-360,000	-2,319,000	1,758,000	-453,000	-26,331,000	-47,691,000	-29,993,000	4,927,000	-20,838,000	-64,031,000	-10,258,000	-41,647,000	-11,971,000	-30,641,000
net cash from financing activities	37,675,000	-6,604,000	42,442,000	-1,040,000	-7,061,000	-3,422,000	-97,000	258,216,000	5,886,000	100,389,000	197,121,000	61,335,000	-354,379,000	191,440,000	-30,976,000	4,659,000	159,865,000	-60,711,000	-15,720,000	-38,843,000	576,987,000	404,610,000	-22,388,000	416,617,000	185,923,000		12,028,000	3,000	56,181,000	3,857,000	1,020,000	54,004,000	43,924,000	17,415,000	23,630,000	8,131,000	15,364,000	-54,000	480,000	253,000	278,351,000	201,000	8,522,000	4,064,000	195,496,000	581,000	107,698,000	1,170,000	92,000	119,371,000	4,391,000	7,181,000	6,546,000	12,115,000	7,259,000	923,000	7,002,000	1,353,000	19,044,000	3,389,000	38,000					17,512,000	-647,000	-44,000		61,000	-812,000	589,000	648,000					3,314,000	-309,000	-307,000			-94,000	-270,000	25,806,000	41,000			594,000	-8,000
effect of exchange rate on cash, cash equivalents, and restricted cash	-18,000	-1,709,000	658,000	7,906,000	-930,000	-10,717,000	6,028,000	-156,000	-2,955,000	2,917,000	9,347,000	-620,000	-8,372,000	4,263,000	4,710,000	-5,765,000	1,312,000
net decrease in cash, cash equivalents, and restricted cash	-23,127,000				-266,812,000				-87,874,000		148,422,000
cash, cash equivalents, and restricted cash at beginning of period	256,052,000		0	0	545,292,000		0	0	583,810,000		0	0	1,348,845,000		0	0	1,528,259,000
cash, cash equivalents, and restricted cash at end of period	232,925,000		14,375,000	-9,498,000	278,480,000		-106,971,000	199,622,000	495,936,000		148,422,000	-119,002,000	636,943,000		-94,493,000	-196,585,000	1,584,100,000
supplemental disclosure of cash flow information:
cash interest payments, net of amounts capitalized	6,294,000	2,934,000	2,307,000	7,007,000	2,799,000	9,072,000	1,320,000	5,974,000	1,206,000	5,598,000	457,000	4,728,000	6,566,000
cash paid for income taxes, net of refunds received	1,847,000
reconciliation of net loss to net cash from operating activities:
gain on disposition of novavax cz assets
right-of-use assets expensed, net of credits received														-22,083,000	43,478,000
stock-based compensation
impairment of assets held for sale		807,000
impairment of other long-lived assets
loss on debt extinguishment		0
capital expenditures	-1,270,000	-2,076,000	-2,017,000	-247,000	-1,220,000	-1,932,000	-1,372,000	-2,875,000	-6,878,000	-8,839,000	-18,158,000	-6,973,000	-19,801,000	0	0	-24,576,000	-16,826,000	-16,364,000	-12,190,000	-15,151,000	-13,781,000	-42,012,000	-8,726,000	-3,762,000	-122,000		-360,000	-476,000	-805,000	-517,000	-396,000	-309,000	-150,000	-646,000	-1,225,000	-1,234,000	-1,084,000	-3,204,000	-3,963,000	-5,529,000	-5,517,000	-4,638,000	-4,408,000	-4,376,000	-4,864,000	-3,031,000	-957,000	-889,000	-1,023,000	-1,605,000	-1,615,000	-1,542,000	-1,126,000	-304,000	-772,000	-236,000	-137,000	-41,000	-712,000	-54,000	-658,000	-188,000	-105,000	-63,000		-778,000	-2,642,000	-1,631,000		-416,000	-318,000	-556,000		-473,000	-428,000	-227,000		-23,000	-72,000	-8,000		-525,000	-315,000	-587,000						0
free cash flows	-33,693,000	-41,551,000	105,787,000	-127,709,000	-186,722,000	-175,095,000	-146,186,000	311,394,000	-90,433,000	-185,620,000	-57,813,000	-178,911,000	-345,394,000	-117,816,000	-38,708,000	-195,479,000	-105,336,000	-358,772,000	-154,333,000	129,261,000	649,304,000	-170,580,000	-15,223,000	111,872,000	-23,232,000		-32,619,000	-30,490,000	-51,412,000	-45,783,000	-33,909,000	-40,280,000	-66,225,000	-32,724,000	-38,480,000	-31,980,000	-39,701,000	-64,452,000	-66,319,000	-67,561,000	-75,348,000	-59,389,000	-32,935,000	-16,698,000	-35,354,000	-18,905,000	-11,898,000	-21,320,000	-13,286,000	-16,485,000	-9,248,000	-12,125,000	-4,919,000	-6,430,000	-4,992,000	-3,557,000	-8,535,000	-9,082,000	-9,029,000	-9,401,000	-10,038,000	-6,605,000	-7,405,000	-6,790,000		-11,196,000	-4,612,000	-6,833,000		-9,575,000	-6,270,000	-7,253,000		-3,712,000	-5,257,000	-4,555,000		-812,000	-4,451,000	-8,367,000		-10,485,000	-6,168,000	-5,478,000						-5,888,000
internal-use software		-173,000	0	-280,000	-375,000	-320,000	-640,000	-250,000	-372,000	-239,000	-233,000	-806,000	-3,757,000
proceeds from disposition of novavax cz assets
net proceeds from sales of common stock						0	0	256,410,000	6,862,000	103,248,000	195,009,000			69,845,000	0	0	179,385,000	0	0	0	564,859,000	428,553,000	53,307,000	207,845,000	185,918,000	30,172,000	11,978,000	3,000	55,239,000	3,574,000	0	53,887,000	42,599,000	17,396,000	23,294,000	8,150,000	14,585,000						7,182,000	3,474,000	193,619,000													1,317,000						122,000											-41,000	56,022,000
proceeds on the issuance of convertible senior notes due 2031, net of issuance costs		0
payments of costs related to issuance of 2027 convertible notes										0	0	0	-3,591,000
proceeds from the exercise of stock-based awards, net of tax withholding
repayment of 2023 convertible notes										0	0	0	-325,000,000
cash, cash equivalents, and restricted cash at beginning of year
cash, cash equivalents, and restricted cash at end of year
supplemental disclosure of non-cash activities:
issuance of convertible senior notes due 2031 in exchange for convertible senior notes due 2027		0
sale of common stock under the sales agreement not settled at year-end
capital expenditures included in accounts payable and accrued expenses			169,000			-544,000	-530,000	929,000	1,208,000	5,505,000	-4,197,000	-4,256,000	10,847,000	5,681,000	-5,906,000	2,016,000	15,874,000	2,454,000	-3,153,000	1,961,000	9,076,000	3,066,000
right-of-use assets from new lease agreements, net of tenant improvement allowance on facility leases
purchases of available-for-sale marketable securities			-235,012,000	0	-114,724,000		-71,683,000
proceeds from maturities of available-for-sale marketable securities			100,500,000	111,625,000	43,000,000
net cash provided used in investing activities
net proceeds from the exercise of stock-based awards			820,000	-428,000	-4,860,000	-666,000	415,000	2,172,000	-616,000	-540,000	354,000	-198,000	543,000	-706,000	-983,000	-268,000	1,318,000	3,320,000	-5,462,000
net increase in cash, cash equivalents, and restricted cash			14,375,000				-106,971,000						-711,902,000	55,823,000	-94,493,000	-196,585,000	55,841,000
right-of-use assets from new lease agreements										6,807,000				-26,407,000	48,896,000	11,014,000	58,352,000	144,296,000	6,088,000	19,056,000	9,770,000	59,237,000
internal-use software included in accounts payable and accrued expenses									250,000
cash paid for income taxes, net of refunds			3,878,000	3,423,000	1,499,000		1,290,000	-578,000	-71,000
right-of-use asset leases, net of tenant improvement allowance on facility leases							3,987,000
net loss						-81,030,000			-147,550,000	-178,389,000	-130,776,000			-182,249,000	-168,613,000			-846,284,000	-322,431,000	-352,317,000	-222,719,000	-177,564,000	-197,310,000	-17,521,000	-25,864,000	-31,830,000	-18,043,000	-39,603,000	-43,218,000	-49,334,000	-44,570,000	-44,492,000	-46,352,000	-50,842,000	-44,608,000	-44,465,000	-43,854,000	-57,109,000	-66,254,000	-79,351,000	-77,252,000	-78,806,000				-19,727,000																																	-5,716,000	-8,886,000											-5,496,000	-5,342,000
proceeds from issuance of 2027 convertible notes
sale of common stock under the sales agreement not settled at quarter-end																																			258,000	109,000	225,000
cash paid for income taxes										62,000	0			137,000	65,000	2,327,000	15,451,000	6,565,000	3,024,000	0	3,017,000
sales of common stock not settled at end of period
acquisition of novavax cz, net of cash acquired																						-1,312,000
net proceeds from sale of preferred stock																						0	0
proceeds from issuance of convertible notes																																						0	0	0	325,000,000
payments of costs related to issuance of convertible notes																																						0	0	0	-9,966,000
purchases of property and equipment
internal-use software development costs
proceeds from maturities and sale of marketable securities																			0	2,250,000	157,557,000
cash interest payments															8,656,000	1,950,000	6,654,000		7,722,000	2,516,000	7,530,000																																									118,000	238,000	523,000		411,000	-34,000	688,000		-531,394,000				529,000
right-of-use assets expensed																	214,000				951,000
receivables, prepaid expenses, and other assets																	-56,016,000
accounts payable and accrued expenses																	-115,500,000	419,618,000	65,496,000	61,887,000	53,325,000	102,621,000	33,446,000	35,544,000	-8,450,000	5,397,000	-5,930,000	901,000	-11,853,000	3,753,000	-3,993,000	6,789,000	-13,293,000	4,828,000	469,000	4,762,000	-4,867,000	-11,204,000	-2,632,000	7,546,000	1,482,000	16,781,000	633,000	-765,000	-7,574,000	1,115,000	2,728,000	-4,007,000	3,561,000	663,000	1,550,000	-1,590,000	-1,866,000	1,522,000	40,000	121,000	-2,157,000	-1,651,000	1,210,000	-931,000	1,189,000	670,000	-156,000	-242,000		1,434,000	2,125,000	-1,172,000		-267,000	793,000	-231,000	1,165,000	-209,000	697,000	-1,059,000			-221,000	-2,184,000		1,738,000	3,681,000	224,000	-1,582,000
gain on sale of assets
proceeds from sale of assets
right-of-use assets written off																			4,410,000
receivables, prepaid expenses and other assets																			16,217,000	-27,201,000	220,205,000
acquisition of novavax cz, net of cash required
effect of exchange rate on cash, cash equivalents and restricted cash																			-5,860,000	1,001,000	-1,349,000	2,082,000	-243,000	349,000	-73,000	37,000	-47,000	23,000	-45,000	14,000	-26,000	-10,000	-26,000
net increase in cash, cash equivalents and restricted cash																			-175,913,000	93,669,000	1,380,332,000	247,002,000	-129,838,000	344,382,000	105,012,000				24,240,000
cash, cash equivalents and restricted cash at beginning of period																			0	0	648,738,000		0	0	82,180,000		0	0	81,959,000		0	0	135,431,000
cash, cash equivalents and restricted cash at end of period																			-175,913,000	93,669,000	2,029,070,000		-129,838,000	344,382,000	187,192,000		-2,305,000	-27,964,000	106,199,000		-24,523,000	-34,282,000	133,841,000
other																				-2,507,000	6,362,000	-12,385,000	-2,326,000			3,600,000	0	1,283,000	-14,000	-576,000	-753,000	-632,000	-435,000	247,000	1,121,000			105,000	104,000	99,000	98,000	103,000	62,000	-68,000	146,000
proceeds from the exercise of stock-based awards																					26,750,000	8,761,000
treasury stock related to tax withholding on stock-based awards																					-2,651,000	-2,063,000
non-cash impact of lease termination																														0	0	0	-4,381,000
amortization of debt issuance costs																						356,000	356,000	356,000	356,000	356,000	356,000	356,000	356,000	357,000	355,000	356,000	356,000	356,000	356,000	356,000	356,000	356,000	356,000	356,000	237,000
accounts receivable, prepaid expenses and other assets
cash, cash equivalents and restricted cash at beginning of year
cash, cash equivalents and restricted cash at end of year
loss on disposal of property and equipment																										0	0	0	88,000	0	-10,000	2,000	-47,000	-25,000	-2,000	231,000	65,000									-17,000																		29,000
gain on catalent transaction																										0
write off of right-of-use assets
proceeds from catalent transaction																										0
prepaid expenses and other assets																								-65,600,000	4,521,000	-5,528,000	-1,291,000	2,913,000	-296,000	-481,000	1,304,000			2,163,000	-1,442,000	776,000	1,093,000	-713,000	-1,590,000	401,000	-1,289,000	-3,733,000	-3,087,000	-958,000	-2,491,000	-1,525,000	-307,000	-1,516,000	-237,000	-63,000	648,000	54,000	-329,000	-125,000	183,000							416,000				151,000					347,000	59,000			-260,000	219,000			43,000	397,000		114,000	-1,363,000	-79,000	-60,000
acquisition of praha vaccines a.s., net of cash acquired
proceeds from the exercise of stock options and employee stock purchases																								8,950,000	5,000	0	50,000	0	942,000	283,000	1,020,000	117,000	1,325,000	19,000	336,000	0	797,000	9,000	1,419,000	374,000	2,000,000	361,000	1,625,000	758,000	2,057,000	778,000	165,000	1,345,000
property and equipment purchases included in accounts payable and accrued expenses																								2,628,000	125,000		37,000	-48,000	194,000		-35,000	99,000	62,000		-605,000	-137,000	823,000		-652,000	-468,000	3,180,000		225,000	-953,000	3,118,000	159,000	626,000	214,000		-619,000	604,000	422,000
cash payments of interest																								0	6,094,000		6,094,000	0	6,094,000		6,094,000	0	6,094,000		6,094,000	0	6,094,000		6,165,000	9,000	12,000		22,000	26,000	31,000	43,000	48,000	52,000		59,000	41,000	20,000
lease incentives received																																		448,000	0	237,000	1,248,000	0	0										0	0	0	703,000	1,803,000	0	1,000,000
net cash used in operating activities
net cash provided by investing activities
principal payments of capital leases																																																	-33,000
net cash provided by financing activities
net decrease in cash, cash equivalents and restricted cash																											-2,305,000				-24,523,000	-34,282,000	-1,590,000
other liabilities																																					543,000	2,753,000	9,000	-15,000	-1,535,000
principal payments of notes payable																																																	-168,000	-169,000	-97,000	-39,000	0	-7,000	-13,000	-20,000	-20,000	-20,000	-20,000	-20,000	-26,000	-2,742,000	-11,539,000	-807,000		-170,000	-170,000	-658,000		-248,000	-201,000	-285,000		-222,000	-221,000	-217,000
payments for capped call transactions and costs																																						0	0	0	-38,521,000
principal payments on capital lease																																			0	-19,000	-18,000
restricted cash																																		11,321,000	6,922,000	-18,343,000	5,880,000	-1,679,000	2,610,000	1,092,000	1,278,000	-36,501,000	0	0	297,000	203,000	133,000	1,081,000	-1,293,000	-124,000	217,000	769,000	-839,000	0	-755,000
changes in restricted cash																																						0				0				0
effect of exchange rate on cash and cash equivalents																																		-38,000	119,000	30,000	31,000	-198,000	-142,000	-32,000	37,000	-45,000	-25,000	-1,000	-79,000	9,000	-40,000	10,000	-12,000
net increase in cash and cash equivalents																																		2,062,000			-48,506,000	24,405,000	30,553,000	-42,830,000	39,117,000	-45,036,000	-29,240,000	-47,666,000	182,715,000				-3,022,000	119,919,000			-4,596,000	1,461,000	-231,000	1,226,000	4,734,000	297,000				4,768,000	5,587,000	-7,309,000	18,742,556,000	13,281,000	8,811,000	10,352,000		8,479,000	-445,000	621,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
net cash proved by (used in) investing activities
principal payments on notes payable																																							-104,000	-103,000	-143,000		-143,000	-151,000	-164,000	-167,000	-170,000	-168,000
cash and cash equivalents at beginning of period																																			0	0	144,353,000		0	0	93,108,000		0	0	32,335,000	0	0	119,471,000		0	0	17,399,000	0	0	14,104,000	0	0	8,061,000	0	0	38,757,000	0	0	26,938,000		0	0	4,350,000		0	0	7,161,000		0	0	31,893,000		0	0	17,876,000		0	0	27,633,000		0	0	3,005,000		0	0	20,045,000
cash and cash equivalents at end of period																																			28,452,000	-20,054,000	95,847,000		30,553,000	-42,830,000	132,225,000		-29,240,000	-47,666,000	215,050,000	-69,384,000	-6,064,000	109,921,000		119,919,000	-6,449,000	9,023,000	-4,596,000	1,461,000	13,873,000	1,226,000	4,734,000	8,358,000	6,769,000	-5,129,000	14,575,000	4,768,000	5,587,000	19,629,000		13,281,000	8,811,000	14,702,000		8,479,000	-445,000	7,782,000		-57,307,000	-5,340,000	83,941,000		2,502,000	-4,760,000	9,202,000		11,880,000	-6,262,000	21,885,000		-3,580,000	-4,695,000	14,320,000		-8,297,000	5,042,000	10,885,000
net decrease in cash and cash equivalents																																															-6,064,000	-9,550,000				-8,376,000								-5,129,000	-24,182,000
amortization of net premiums on marketable securities																																					-6,000	-6,000	-23,000	140,000	146,000	262,000	362,000	166,000	427,000
realized gains on marketable securities
accounts receivable																																						356,000	-236,000	26,000	1,926,000							-2,559,000														-131,000				-145,000	557,000	20,000
proceeds from disposal of property and equipment																																														27,000			33,000	2,000	30,000	51,000	151,000										1,000	6,000
proceeds from sales, maturities and redemptions of marketable securities
cash paid with acquisition
deferred rent																																							566,000	29,000	-193,000	-167,000	-189,000	-170,000	-195,000	-257,000	-258,000	213,000	219,000	220,000	218,000	240,000	185,000	-85,000	336,000	-86,000	-85,000	-83,000	-75,000	-59,000	-72,000	-70,000	-71,000	-66,000		-3,060,000	2,996,000	-1,000		29,000	152,000	129,000	-33,000	-32,000	-16,000	-16,000		25,000				-5,000	9,000	8,000
principal payments on capital leases																																							-16,000	-18,000	-19,000		-16,000	-17,000	-16,000	-26,000	-26,000	-6,000
change in fair value of warrant liability																																																	0	0					-101,000	-736,000	-1,304,000	67,000
accounts receivable – billed																																										747,000	139,000	4,346,000	1,018,000	829,000
accounts receivable – unbilled																																										1,266,000	361,000	1,698,000	-1,096,000	606,000
net cash received from acquisition
proceeds from notes payable																																																	0	0	641,000	809,000	550,000	0	100,000
net proceeds from sales of common stock, net of offering costs of 11.9 million, 7.1 million and 6.1 million, respectively
common stock issued in connection with acquisition
cash paid with the novavax ab acquisition																																														0
amortization of net premiums on investments																																														186,000	-179,000	99,000	181,000	94,000	138,000	94,000
realized gains on investments																																														0	0	-615,000
net cash received from novavax ab acquisition
proceeds from sales and maturities of investments
purchases of investments																																														-56,096,000			0	0	-6,036,000	-8,718,000
net proceeds from sales of common stock, net of offering costs of 7.1 million and 6.1 million, respectively
commons stock issued in connection with the novavax ab acquisition
proceeds from maturities of investments																																															2,850,000	10,590,000		13,981,000	4,414,000	5,235,000
net proceeds from sales of common stock, net of offering costs of 7.1 million and 0.3 million, respectively
gain on disposal of property and equipment																																																3,000		6,000	-26,000	-17,000	-7,000
unbilled receivables																																																-1,125,000	-1,794,000	-1,379,000	-244,000	-1,000	2,506,000	-2,822,000	427,000	-1,828,000	-1,186,000	-834,000
net proceeds from sales of common stock, net of offering costs of 0.2 million
sale of common stock under the 2012 sales agreement not settled at quarter-end																																																				376,000
other non-cash income
accounts receivables																																																	-160,000	-395,000	1,695,000	-1,591,000	-971,000	227,000	240,000	1,815,000	-1,815,000	37,000
net cash received from the isconova ab acquisition																																																	0
proceeds from maturities and redemptions of investments
proceeds from settlement of notes receivable from former directors
net proceeds from sales of common stock, net of offering costs of 6.1 million, 0.4 million and 0.2 million, respectively
proceeds from the exercise of stock options																																																	304,000	924,000	269,000	1,000	23,000	22,000	4,000	41,000	59,000	56,000	10,000	349,000	64,000	757,000	0	35,000		112,000	102,000	35,000		0	5,000	84,000	701,000	40,000	179,000	798,000
common stock issued in connection with the isconova ab acquisition																																																	0
deposit applied towards the purchase of equipment
equipment acquired under a capital lease
settlement of notes receivable from former directors
sale of common stock under the 2010 sales agreement not settled at year-end
net proceeds from sales of common stock, net of offering costs of 6.1 million and 0.4 million, respectively
deposit applied towards the purchase of laboratory equipment																																																					0
principal payments of capital lease																																																			-15,000	-14,000
net proceeds from sales of common stock, net of offering costs of 0.3 million and 0.3 million, respectively
net proceeds from sales of common stock, net of offering costs of 0.2 million and 0.1 million, respectively																																																				6,425,000
amortization of net premiums on short-term investments																																																								86,000
impairment of property and equipment																																																											0
proceeds from maturities of short-term investments																																																					0			4,860,000	6,850,000	8,525,000	10,100,000			2,450,000	0	125,000		3,925,000	13,850,000	31,745,000		31,500,000
purchases of short-term investments																																																					-6,374,000	-6,891,000	-2,498,000	-1,000,000	-583,000	-499,000	-13,346,000	-17,000	-14,182,000					0	0	-15,650,000		-13,507,000	-28,363,000	-24,848,000
net proceeds from sales of common stock, net of offering costs of 0.4 million and 0.2 million, respectively
settlement of notes receivable
net proceeds from sales of common stock, net of offering costs of 0.3 million and 0.2 million, respectively
equipment purchases included in accounts payable and accrued expenses																																																						54,000	224,000
net proceeds from sales of common stock, net of offering costs of 0.1 million and less than 0.1 million, respectively																																																							7,923,000
deposit included in other current assets at december 31, 2011 applied towards the purchase of laboratory equipment																																																							500,000
loss of disposal of property and equipment
prepaid expenses and other current assets																																																								-491,000	-541,000	-95,000	104,000	246,000	597,000			-150,000				196,000					-54,000
net cash from by investing activities																																																								3,624,000	6,130,000	7,985,000
net proceeds from sales of common stock, net of offering costs of 0.2 million and 0.4 million, respectively
equipment purchases included in accounts payable																																																								134,000			-169,000	201,000	96,000	-79,000	37,000	47,000		415,000	-927,000	1,128,000
net income:																																																									-4,993,000	-7,453,000	-10,356,000	-9,426,000	-11,412,000									-8,966,000
amortization of short-term investments premium																																																										150,000
amortization of debt discount																																																														-71,000	115,000	103,000		103,000	102,000	102,000
amortization of deferred financing costs																																																														77,000	81,000	64,000		52,000	64,000	65,000		65,000	64,000	65,000	315,000	65,000	147,000	270,000		103,000	103,000	103,000
impairment of short-term investments																																																														-692,000	459,000	879,000
realized gains on short-term investments
accounts and other receivables																																																											-243,000	-125,000	27,000			216,000						-776,000
net proceeds from sales of common stock, net of offering costs of 0.4 million and 1.0 million, respectively
payment of notes payable through issuance of common stock
amortization of short-term investments discount
net proceeds from sales of common stock, net of offering costs of 0.1 million and 1.0 million, respectively
less net income from discontinued operations
net income from continuing operations																																																														-7,530,000	-8,540,000	-8,349,000
reconciliation of net income from continuing operations to net cash from operating activities:
depreciation																																																														297,000	308,000	294,000		161,000	211,000	209,000			698,000	707,000	747,000	737,000	724,000	713,000		666,000	718,000	708,000		573,000	545,000	484,000	148,000
reserve for notes receivable and accrued interest																																																																				194,000		-153,000	-71,000	1,011,000
loss and disposal of property and equipment																																																														0
impairment of long lived assets																																																														0				148,000
amortization of net discounts on short-term investments																																																																		-3,000	-31,000	-147,000		-558,000	-669,000	-698,000
non-cash stock compensation																																																														416,000	357,000	497,000		500,000	696,000	450,000		590,000	483,000	356,000	309,000	373,000	551,000	1,034,000		306,000
other assets
net cash from operating activities from continuing operations																																																														-6,417,000	-7,300,000	-6,727,000		-10,834,000	-1,249,000	-7,215,000
net cash from operating activities from discontinued operations																																																																		416,000	-721,000	2,013,000
proceeds from leasehold improvement allowance
net cash from investing activities from continuing operations																																																														2,262,000	-104,000	68,000		6,187,000	11,208,000	14,464,000
net cash from investing activities from discontinued operations																																																																		0	220,000	1,134,000
net proceeds from the sales of common stock, net of offering costs of 1.0 million and 0.4 million
repayment of notes payable through issuance of common stock																																																														2,560,000
plus net income from discontinued operations
net proceeds from the sales of common stock, net of offering costs of 1.0 million
net cash provided (used in) by financing activities
other non-current assets																																																																				-28,000						-3,000
bank overdraft																																																																				579,000		309,000	-616,000	790,000
net cash (used in) financing activities																																																																-650,000
summary of cash flows:
net cash provided by:
operating activities
investing activities
financing activities
net proceeds
sales of common stock in equity offerings
license payments received
exercise of stock options and warrants
amortization of intangible assets
benefit from bad debts																																																																						-38,000	150,000	68,000	194,000	21,000	37,000	-141,000
reserve for notes and accrued interest receivable																																																																		-1,311,000
loss on disposal of capital assets
interest income correction of an error
proceeds from the sale of common stock, net of issuance costs
net cash from financing activities from discontinued operations
debt discount from modification of convertible debt																																																																						0
income from continuing operations																																																																			-8,314,000	-7,103,000
retirement of capital assets																																																																			55,000	18,000					76,000	260,000				0
non-cash expense for services																																																																						0	2,000	27,000	0	0
sales of common stock in public offerings
sales of product assets
facility exit costs																																																																											-42,000	-42,000		190,000	-47,000	-38,000
purchase of treasury stock																																																																									-1,000
conversion of convertible debt and accrued interest to common stock																																																																									0	0	0	7,068,000
amortization																																																																							33,000	33,000	33,000	33,000	33,000	33,000		205,000	215,000	216,000		235,000	163,000	164,000	164,000
supplemental disclosures:
trade accounts receivable																																																																								300,000		679,000	-261,000	111,000		36,000	-498,000	180,000		1,403,000	-997,000	-401,000
proceeds from maturities of short-term investment																																																																								32,133,000
non-cash transactions:
reserve for note receivable and accrued interest
gain on redemption of debt
gain on sales of product assets
net proceeds from sales of product assets
net cash used by operating activities																																																																																					-3,302,000	-3,038,000
net proceeds from issuance of convertible notes
net payments associated with king transaction
principal payments on notes payables
net proceeds from issuance of common stock																																																																									3,000
net change in cash and cash equivalents																																																																											-5,340,000	52,048,000	24,949,000	2,502,000	-4,760,000	-8,674,000	-9,627,000	11,880,000	-6,262,000	-5,748,000	21,588,000	-3,580,000			-4,625,000	-8,297,000	5,042,000	-9,160,000
supplemental disclosure of non-cash transactions:
financed insurance premiums
treasury stock reissued for accrued interest to king
cash paid for interest
amortization of discounts/premiums on short-term investments
reserve for non-current note and accrued interest receivable
purchases of investment securities
proceeds from sale and maturity of investment securities
decrease in cash and cash equivalents
net cash provided by/(used in) financing activities
cash interest payments:
non-cash expense																																																																												25,000
other non current assets																																																																														118,000	6,000	32,000		357,000	-278,000	-22,000
net cash provided/(used) in financing activities																																																																												56,603,000
net income per share
weighted shares outstanding
net cash (used) provided by:
beginning cash and cash equivalents
ending cash and cash equivalents
gain on sale of product assets
net proceeds from sale of product assets
accounts payable and accrued expenses and other liabilities
principal payments of capital lease obligations																																																																														-315,000	-309,000	-307,000
provision for bad debts																																																																															-9,000	21,000
proceeds from exercise of stock options and warrants
reconciliation of net income to net cash used by operating activities:
benefit from bad debt																																																																																		116,000	16,000	43,000	118,000
deferred financing																																																																																		80,000	25,000	26,000
net proceeds from the issuance of convertible notes.
net proceeds from equipment loans																																																																																						0
net cash from financing activities.
principal payments of notes and capital lease obligations																																																																																			-399,000	-334,000
proceeds from sales of common stock																																																																																			305,000	64,000
loss on disposal/sale of asset
deferred rent expense																																																																																					10,000
acquisition of product lines
borrowing of long-term debt
payment of capital lease obligations																																																																																					-66,000
proceeds from the exercise of stock options and warrants																																																																																					86,000	69,000
non-cash transactions
cashless stock option exercises
net cash used by investing activities																																																																																						-583,000
proceeds from the issuance of convertible notes
deferred financing costs																																																																																						27,000
proceeds from private placements of common stock																																																																																						0
payments of capital lease obligations
non-cash compensation expense
non-cash net interest
acquisition of businesses, net of cash acquired
deferred patent costs
adjustments to reconcile net income to net cash used by
adjustments to reconcile net loss to net cash used by operating activities:
acquisition of product line

Novavax, Inc(NASDAQ:NVAX)

Novavax, Inc
(NASDAQ:NVAX)