Novavax, Inc. (NASDAQ:NVAX) has announced financial results for recently concluded 4Q2015 and entire year 2015. As per the reports, the yearly loss for Novavax surpassed $156.9 million, whereas the quarterly loss touched $78.8 million. Novavax is one of the leading clinical stage vaccine companies focusing on development, research and commercialization of recombinant nanoparticle adjuvants and vaccines.
Financial Insights
During the fourth quarter, Novavax managed to start the Phase 3 trial of its RSV F Vaccine. The final results of this trial are expected to be announced by the end of 2016. Meanwhile, Novavax reported a net loss of $0.29 per share or $78.8 million for the quarter compared to net loss of $0.13 or $31.5 million during the same time in 2014. For the 12-month period, the net loss rose to $0.60 per share or $156.9 million in total compared to previous year’s net loss of $0.37 per share or $82.9 million in total.
Novavax reported 13% plunge in quarterly earnings as it reported $5.9 million revenue for 4Q2015 as compared to $6.7 million revenues during the same period in 2014. Although quarterly revenues declined, it reported 18% plunge in yearly earnings. The revenues for 2015 were $36.3 million as compared to $30.7 in 2014. Reports claim that this growth was primarily driven by the recovery of $7.7 million under BARDA contract and $3.1 million for its influenza VLP vaccine in Australia.
When it comes to expenses, Novavax reported 128% increase in R&D spending to $75.9 million in 4Q2015. For the entire year, R&D expenses were calculated as $162.6 million, 72% higher than the previous year. Company’s General & Administrative expenses increased to $8.9 million in 4Q2015, up 75% from 4Q2014. For the full year, G&A expenses were $30.8 million, 55% higher than the previous year.
Going forward, Novavax will announce top-line data from Phase 2 RSV F Vaccine and Phase 3 pivotal RSV F Vaccine rollover in the second and third quarter, which will determine company’s position at the end of the year.
