NVAX (Novavax Inc.) stock: $10.11, $1.67B market cap, $719.3M cash, $1.24B EV, $1.80B fully diluted market cap. Next expected readout: Nov-26. Lead program: NVX-CoV2705 (COVID-19), Phase 4. Data from Fully Diluted's biotech stocks database.
Enterprise value
$1,239.8M
Balance sheet
| Cash | $719.3M |
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| Debt | $291.5M |
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| Net cash | $427.8M |
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| Enterprise value | $1,239.8M |
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| Basic shares | 164.8M shares |
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| Fully diluted shares | 177.7M shares |
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| Fully diluted market cap | $1,796.9M |
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| Cash per share | $4.36 |
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Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.
Price history
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Upcoming catalysts
| Expected | Drug | Phase | Indication | Mgmt guide |
|---|
| Dec 30, 2026 - Feb 10, 2027 | NVX-CoV2705 | Phase 4 | COVID-19; Sars-CoV-2 Infection | — |
Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Full readout calendar →
Pipeline assets
Nuvaxovid
Approved · Active Modality: recombinant protein vaccine + Matrix-M adjuvant
Aliases COVID-19 Vaccine
Partnerships Sanofi (CLA; Sanofi leads commercialization, BLA transferred Oct/Nov 2025); Takeda (Japan); Serum Institute of India
Status note BLA approved by FDA May 2025 (adults 65+, individuals 12-64 with high-risk conditions). Phase 4 PMC trial ongoing. Sanofi responsible for further development/commercialization.
CIC vaccine candidate
Phase 1 · Active Modality: recombinant protein vaccine + Matrix-M adjuvant
Partnerships Sanofi (CLA covers CIC Products: $125M milestone on Phase 3 initiation, $225M launch milestone); Serum Institute of India
Indications- COVID-19 + influenza (Phase 1)
Status note COVID-19-Influenza combination vaccine candidate; initial cohort clinical study results announced Jun 2025; being advanced toward partnering for BLA filing and commercialization.
Standalone influenza vaccine candidate
Phase 1 · Active Modality: recombinant protein vaccine + Matrix-M adjuvant
Partnerships Serum Institute of India; being advanced toward partnering
Status note Standalone influenza vaccine candidate; initial cohort clinical study results announced Jun 2025; being advanced toward partnering for BLA filing and commercialization.
Matrix-M adjuvant
Stage not disclosed · Active Modality: adjuvant
Target n/a
Partnerships Sanofi (Adjuvant Products under CLA); Pfizer (Jan 2026 license & option for up to two disease areas, $30M upfront, up to $500M milestones); Serum Institute of India
Indications- Adjuvant for licensed vaccine products (Stage not disclosed)
Status note Proprietary saponin-based adjuvant platform licensed to multiple pharma partners for their vaccine products, including preclinical oncology collaborations under MTAs.
R21/Matrix-M malaria vaccine
Approved · Active Modality: recombinant protein vaccine + Matrix-M adjuvant
Partnerships Serum Institute of India, Jenner Institute/University of Oxford (SII licenses Matrix-M; pays single- to low-double-digit royalties)
Status note Malaria vaccine developed by partners (SII, Oxford); WHO prequalified Dec 2023. Novavax earns adjuvant supply payments and royalties.
Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.