Novavax, Inc. (NASDAQ:NVAX) released its financial report for the fourth quarter closed December 2016. Stanley C. Erck, President and CEO, reported that they have recorded considerable progress implementing on the path forward that they outlined in 2016.
For the remainder of this year, they will focus on the current Phase III study of their RSV F Vaccine for infants through maternal immunization and on knowing the results of their Phase II immunogenicity study in older adults, along with an understanding of the Resolve Phase III study report they released last September. They even intend on moving nanoparticle influenza vaccine and Zika programs into the clinical trials later this year.
For Q4 2016 Novavax posted a net loss of $57.1 million versus $78.8 million for the same quarter of 2015. However, for the year closed December 2016, the net loss surged to $280 million from $156.9 million recorded in the comparable period.
Revenue in Q4 2016 came at $5.4 million compared to $5.9 million in the same period, a year ago. This decline can be accredited to the revenue drop under the HHS BARDA deal in 2016 of almost $31 million compared to 2015 accounts for the decline. The decline in HHS BARDA revenue is an outcome of reduced activity, mainly resulting from the expiration of the BARDA agreement, against the same period in 2015. However, the drop in HHS BARDA revenue was mainly offset by a jump in revenue in FY2016 known under the BMGF grant pertaining to ongoing Prepare clinical study.
Novavax reported that R&D expenses stood at $51.1 million in Q4 2016 against R&D expenses of $75.9 million for the comparable period, a year ago. However, the R&D expenses for FY2016 came higher due to increased expenses associated with the clinical studies and development activities of RSV F Vaccine and increased employee-related expenses.