Novavax, Inc. filed its quarterly report on Form 10-Q with the SEC on November 5, 2026, covering the three and nine months ended September 30, 2026, disclosing a net loss of $94,254 thousand for the nine-month period and a sharp decline in total revenue compared with the same period of 2025.

Key Highlights

  • Nine-month net loss: Novavax reported a net loss of $94,254 thousand for the nine months ended September 30, 2026, compared with net income of $422,775 thousand in the same period of 2025.
  • Total revenue declined sharply: Nine-month total revenue was $264,510 thousand, down from $976,340 thousand in the prior-year period, according to the filing.
  • Q3 2026 operating loss: The company reported a loss from operations of $31,281 thousand for the three months ended September 30, 2026.
  • Total assets contracted: Total assets stood at $888,005 thousand as of September 30, 2026, compared with $1,176,512 thousand at December 31, 2025.
  • Stockholders' deficit widened: Total stockholders' deficit reached $(216,855) thousand at September 30, 2026, versus $(127,753) thousand at December 31, 2025.
  • Shares outstanding: As of October 31, 2026, 165,009,009 shares of common stock were outstanding, the filing stated.
  • Accumulated deficit: The accumulated deficit was $4,662,402 thousand as of September 30, 2026.

Novavax Revenue and Loss Details for the Quarter and Nine Months Ended September 30, 2026

According to the filing, Novavax (NASDAQ:NVAX) reported total revenue of $68,298 thousand for the three months ended September 30, 2026, compared with $70,445 thousand for the same quarter of 2025. Within that total, product sales were $25,693 thousand and licensing, royalties, and other revenue were $42,605 thousand for Q3 2026, versus $13,442 thousand and $57,003 thousand, respectively, in Q3 2025. For the nine-month period, product sales fell to $86,747 thousand from $645,844 thousand in the prior year, while licensing, royalties, and other revenue declined to $177,763 thousand from $330,496 thousand.

Total expenses for the nine months ended September 30, 2026 were $366,127 thousand, compared with $537,775 thousand in the same period of 2025. The prior-year figure included an impairment of assets held for sale of $97,038 thousand, which had no equivalent in the 2026 period, the filing disclosed. Research and development expense for the nine months was $218,611 thousand in 2026 versus $266,444 thousand in 2025. Selling, general, and administrative expense fell to $79,087 thousand from $123,357 thousand. The company's loss from operations for the nine months was $101,617 thousand, contrasting with income from operations of $438,565 thousand in the prior-year nine-month period.

On the balance sheet, cash and cash equivalents were $222,455 thousand and marketable securities were $399,908 thousand as of September 30, 2026. Long-term debt stood at $292,088 thousand, up from $244,213 thousand at December 31, 2025. Deferred revenue, both current and non-current, totaled $432,212 thousand at period end. The basic and diluted net loss per share for the nine months ended September 30, 2026 was $(0.57), compared with basic earnings per share of $2.61 and diluted earnings per share of $2.53 for the nine months ended September 30, 2025, according to the filing.

What Was Disclosed

Novavax's Form 10-Q for the quarter ended September 30, 2026 disclosed a nine-month net loss of $94,254 thousand, a significant decline in product sales and licensing revenue compared with 2025, a widened stockholders' deficit of $(216,855) thousand, and total assets of $888,005 thousand.