Novavax (NVAX) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-26770
Entity Registrant Name	NOVAVAX, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2816046
Entity Address, Address Line One	700 Quince Orchard Road,
Entity Address, City or Town	Gaithersburg,
Entity Address, Country	MD
Entity Address, Postal Zip Code	20878
City Area Code	(240)
Local Phone Number	268-2000
Title of 12(b) Security	Common Stock, Par Value $0.01 per share
Trading Symbol	NVAX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		160,093,639
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001000694
Current Fiscal Year End Date	--12-31

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 415,484	$ 424,426	$ 509,339	$ 505,377
Expenses:
Cost of sales	46,242	55,777	105,451	89,863
Research and development	106,946	219,475	199,625	466,576
Selling, general, and administrative	101,298	93,717	188,096	206,249
Total expenses	254,486	368,969	493,172	762,688
Income (loss) from operations	160,998	55,457	16,167	(257,311)
Other income (expense):
Interest expense	(4,143)	(3,124)	(8,254)	(7,440)
Other income, net	7,731	5,532	11,385	29,894
Income (loss) before income tax expense (benefit)	164,586	57,865	19,298	(234,857)
Income tax expense (benefit)	2,205	(143)	4,467	1,040
Net income (loss)	$ 162,381	$ 58,008	$ 14,831	$ (235,897)
Net income (loss) per share:
Basic (in usd per share)	$ 1.09	$ 0.65	$ 0.10	$ (2.69)
Diluted (in usd per share)	$ 0.99	$ 0.58	$ 0.10	$ (2.69)
​Weighted average number of common shares outstanding:
Basic (in shares)	148,379	89,362	144,147	87,769
Diluted (in shares)	165,855	104,065	145,121	87,769
Product sales
Revenue:
Total revenue	$ 19,904	$ 285,163	$ 102,228	$ 277,706
Licensing, royalties, and other
Revenue:
Total revenue	395,580	2,184	407,111	3,213
Grants
Revenue:
Total revenue	$ 0	$ 137,079	$ 0	$ 224,458

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 162,381	$ 58,008	$ 14,831	$ (235,897)
Other comprehensive income (loss):
Net unrealized loss on available-for-sale marketable securities	(150)	0	(150)	0
Foreign currency translation adjustment	467	(5,011)	(13,080)	(1,800)
Other comprehensive income (loss)	317	(5,011)	(13,230)	(1,800)
Comprehensive income (loss)	$ 162,698	$ 52,997	$ 1,601	$ (237,697)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 680,162	$ 568,505
Marketable securities	369,432	0
Restricted cash	10,486	10,424
Accounts receivable	32,105	297,240
Inventory	9,172	41,696
Prepaid expenses and other current assets	102,013	226,023
Total current assets	1,203,370	1,143,888
Property and equipment, net	288,559	305,771
Right of use asset, net	169,507	185,218
Goodwill	123,377	127,454
Other non-current assets	33,833	35,159
Total assets	1,818,646	1,797,490
Current liabilities:
Accounts payable	79,962	132,610
Accrued expenses	159,221	394,668
Deferred revenue	666,390	241,310
Current portion of finance lease liabilities	9,427	5,142
Other current liabilities	242,811	861,408
Total current liabilities	1,157,811	1,635,138
Deferred revenue	533,431	622,210
Convertible notes payable	168,848	168,016
Non-current finance lease liabilities	54,970	55,923
Other non-current liabilities	335,292	33,130
Total liabilities	2,250,352	2,514,417
Commitments and contingencies (Note 15)
Preferred stock, $0.01 par value, 2,000,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued and outstanding at June 30, 2024 and December 31, 2023	0	0
Stockholders' deficit:
Common stock, $0.01 par value, 600,000,000 shares authorized at June 30, 2024 and December 31, 2023; 161,267,120 shares issued and 159,891,014 shares outstanding at June 30, 2024 and 140,506,093 shares issued and 139,505,770 shares outstanding at December 31, 2023	1,613	1,405
Additional paid-in capital	4,477,748	4,192,164
Accumulated deficit	(4,806,120)	(4,820,951)
Treasury stock, cost basis, 1,376,106 shares at June 30, 2024 and 1,000,323 shares at December 31, 2023	(94,439)	(92,267)
Accumulated other comprehensive income (loss)	(10,508)	2,722
Total stockholders’ deficit	(431,706)	(716,927)
Total liabilities and stockholders’ deficit	$ 1,818,646	$ 1,797,490

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	161,267,120	140,506,093
Common stock, shares outstanding (in shares)	159,891,014	139,505,770
Treasury stock (in shares)	1,376,106	1,000,323

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Balance beginning (in shares) at Dec. 31, 2022		86,806,554
Balance beginning at Dec. 31, 2022	$ (634,078)	$ 868	$ 3,737,979	$ (4,275,889)	$ (90,659)	$ (6,377)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	48,939		48,939
Stock issued under incentive programs (in shares)		429,242
Stock issued under incentive programs	345	$ 4	1,106		(765)
Issuance of common stock, net of issuance costs (in shares)		7,947,954
Proceeds from shares sold, net	67,972	$ 80	67,892
Foreign currency translation adjustment	(1,800)					(1,800)
Net income (loss)	(235,897)			(235,897)
Balance ending (in shares) at Jun. 30, 2023		95,183,750
Balance ending at Jun. 30, 2023	(754,519)	$ 952	3,855,916	(4,511,786)	(91,424)	(8,177)
Balance beginning (in shares) at Mar. 31, 2023		87,139,831
Balance beginning at Mar. 31, 2023	(895,582)	$ 871	3,767,733	(4,569,794)	(91,226)	(3,166)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	20,292		20,292
Stock issued under incentive programs (in shares)		95,965
Stock issued under incentive programs	(198)	$ 1	(1)		(198)
Issuance of common stock, net of issuance costs (in shares)		7,947,954
Proceeds from shares sold, net	67,972	$ 80	67,892
Foreign currency translation adjustment	(5,011)					(5,011)
Net income (loss)	58,008			58,008
Balance ending (in shares) at Jun. 30, 2023		95,183,750
Balance ending at Jun. 30, 2023	$ (754,519)	$ 952	3,855,916	(4,511,786)	(91,424)	(8,177)
Balance beginning (in shares) at Dec. 31, 2023	139,505,770	140,506,093
Balance beginning at Dec. 31, 2023	$ (716,927)	$ 1,405	4,192,164	(4,820,951)	(92,267)	2,722
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	25,655		25,655
Stock issued under incentive programs (in shares)		1,667,630
Stock issued under incentive programs	1,556	$ 17	3,711		(2,172)
Issuance of common stock, net of issuance costs (in shares)		19,093,397
Proceeds from shares sold, net	256,409	$ 191	256,218
Unrealized loss on marketable securities	(150)					(150)
Foreign currency translation adjustment	(13,080)					(13,080)
Net income (loss)	$ 14,831			14,831
Balance ending (in shares) at Jun. 30, 2024	159,891,014	161,267,120
Balance ending at Jun. 30, 2024	$ (431,706)	$ 1,613	4,477,748	(4,806,120)	(94,439)	(10,508)
Balance beginning (in shares) at Mar. 31, 2024		141,700,972
Balance beginning at Mar. 31, 2024	(867,084)	$ 1,417	4,204,775	(4,968,501)	(93,950)	(10,825)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	14,099		14,099
Stock issued under incentive programs (in shares)		472,751
Stock issued under incentive programs	2,172	$ 5	2,656		(489)
Issuance of common stock, net of issuance costs (in shares)		19,093,397
Proceeds from shares sold, net	256,409	$ 191	256,218
Unrealized loss on marketable securities	(150)					(150)
Foreign currency translation adjustment	467					467
Net income (loss)	$ 162,381			162,381
Balance ending (in shares) at Jun. 30, 2024	159,891,014	161,267,120
Balance ending at Jun. 30, 2024	$ (431,706)	$ 1,613	$ 4,477,748	$ (4,806,120)	$ (94,439)	$ (10,508)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of common stock, issuance costs	$ 3,830	$ 861	$ 3,830	$ 861

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities:
Net income (loss)	$ 14,831	$ (235,897)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization	23,279	19,110
Non-cash stock-based compensation	25,655	48,939
Provision for excess and obsolete inventory	18,472	31,546
Impairment of long-lived assets	1,669	10,081
Other items, net	(2,687)	(89)
Changes in operating assets and liabilities:
Inventory	14,176	(19,361)
Accounts receivable, prepaid expenses, and other assets	390,766	(266,482)
Accounts payable, accrued expenses, and other liabilities	(366,484)	(443,238)
Deferred revenue	111,037	357,860
Net cash provided by (used in) operating activities	230,714	(497,531)
Investing Activities:
Capital expenditures	(9,753)	(26,774)
Purchases of available-for-sale marketable securities	(369,582)	0
Internal-use software	(622)	(4,563)
Net cash used in investing activities	(379,957)	(31,337)
Financing Activities:
Net proceeds from sales of common stock	263,272	61,986
Net proceeds from the exercise of stock-based awards	1,556	345
Finance lease payments	(726)	(26,784)
Repayment of 2023 Convertible notes	0	(325,000)
Payments of costs related to issuance of 2027 Convertible notes	0	(3,591)
Net cash provided by (used in) financing activities	264,102	(293,044)
Effect of exchange rate on cash, cash equivalents, and restricted cash	(3,111)	(8,992)
Net increase (decrease) in cash, cash equivalents, and restricted cash	111,748	(830,904)
Cash, cash equivalents, and restricted cash at beginning of period	583,810	1,348,845
Cash, cash equivalents, and restricted cash at end of period	695,558	517,941
Supplemental disclosure of non-cash activities:
Sale of common stock under the Sales Agreement not settled at quarter-end	0	5,986
Right-of-use assets from new lease agreements	(8,289)	0
Capital expenditures included in accounts payable and accrued expenses	2,137	6,591
Supplemental disclosure of cash flow information:
Cash interest payments, net of amounts capitalized	7,180	11,294
Cash paid for income taxes, net of refunds	$ (649)	$ 128

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Novavax, Inc. (“Novavax,” and together with its wholly owned subsidiaries, the “Company”) is a global company that is advancing protein-based vaccines with its Matrix-M TM adjuvant. Novavax offers a differentiated vaccine platform that combines a recombinant protein approach, innovative nanoparticle technology, and patented Matrix-M™ adjuvant to enhance the immune response. In May 2024, Novavax entered into a collaboration and licensing agreement (the “Collaboration and License Agreement” or “ Sanofi CLA”) with Sanofi Pasteur Inc. (“Sanofi”) to co-commercialize Novavax’s current standalone COVID-19 vaccines (“COVID-19 Vaccine”), including Novavax’s Nuvaxovid TM , prototype COVID-19 vaccine (“NVX-CoV2373,” or “prototype vaccine”) and XBB COVID-19 vaccine (“NVX-CoV2601”), and the Company’s updated vaccine for the 2024-2025 vaccination season (“NVX-CoV2705,” or “updated vaccine” and, collectively with NVX-CoV2373 and NVX-CoV2601, the Company’s “COVID-19 Vaccine” or “COVID-19 Program”). This agreement is discussed in greater detail in Note 6 of Novavax’s consolidated financial statements. The partnership with Sanofi allows Novavax to broaden access to its vaccine and adjuvant and refocus on clinical-stage research and development and pipeline expansion beginning in 2025. Through the end of the 2024-2025 vaccination season, Novavax will continue commercialization of its COVID-19 Vaccine. Local regulatory authorities have also specified nomenclature for the labeling of NVX-CoV2373 and NVX-CoV2601 within their territories (e.g., “Novavax COVID-19 Vaccine, Adjuvanted”, “Novavax COVID-19, Adjuvanted (2023-2024 Formula),” respectively, for the U.S., and “Nuvaxovid™” for ex-US territories) collectively referred to as the Company’s “COVID-19 Program,” or “COVID-19 Vaccine”). In 2024, the Company has submitted an amendment to the previously granted October 2023 Emergency Use Authorization (“EUA”) to the U.S. Food and Drug Administration (“U.S. FDA”), filed for a type II variation of the existing Marketing Authorization (“MA”) with the European Medicines Agency (“EMA”) and the United Kingdom's (“U.K.”) Medicines and Healthcare products Regulatory Agency (“MHRA”), and filed for authorization with Health Canada for the Company’s updated vaccine. Currently, the Company significantly depends on its supply agreement with Serum Institute of India Pvt. Ltd. (“SII”) and its subsidiary, Serum Life Sciences Limited (“SLS” and together with SII, “Serum”), for co-formulation, filling, and finishing (other than in Europe) and on its service agreement with PCI Pharma Services for finishing in Europe. Novavax is advancing development of other vaccine candidates, including its COVID-19-Influenza Combination (“CIC”) and stand-alone influenza vaccine candidates. In addition, Novavax’s adjuvant is included in the University of Oxford and SII’s R21/Matrix-M TM malaria vaccine which has received authorizations in a number of countries with doses administered in 2024. Novavax’s COVID-19 Vaccine and its other vaccine candidates incorporate the Company’s proprietary Matrix-M™ adjuvant to enhance the immune response and stimulate higher levels of functional antibodies and induce a cellular immune response.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The consolidated financial statements are unaudited but include all adjustments (consisting of normal recurring adjustments) that the Company considers necessary for a fair presentation of the financial position, operating results, comprehensive income (loss), changes in stockholders’ deficit, and cash flows for the periods presented. Although the Company believes that the disclosures in these unaudited consolidated financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted under the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The unaudited consolidated financial statements include the accounts of Novavax, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The aggregate foreign currency transaction gains and losses resulting from the conversion of the transaction currency to functional currency were a $1.6 million loss and a $6.7 million loss, and a $0.2 million loss and $16.1 million gain for the three and six months ended June 30, 2024 and 2023, respectively, which are reflected in Other income (expense). The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Results for this or any interim period are not necessarily indicative of results for any future interim period or for the entire year. The Company operates in one business segment. Liquidity and Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued and contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainty described below. In May 2024, the Company entered into the Sanofi CLA and a securities subscription agreement (the “Subscription Agreement”) with Sanofi as a result of which, the Company received a total of $568.8 million during the second quarter of 2024 (See Note 6). As of June 30, 2024, the Company had $680.2 million in cash and cash equivalents, $369.4 million in marketable securities, and working capital of $45.6 million. During the six months ended June 30, 2024, the Company recognized net income of $14.8 million, and had net cash flows provided by operating activities of $230.7 million. In accordance with Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements - Going Concern , the Company evaluated its ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. Based on the Company’s current cash and cash equivalents and marketable securities balances and its current cash flow forecast for the one-year going concern look forward period, the Company has concluded that it will have sufficient capital available to fund its operations for the one-year period from the date that these financial statements are issued. As of December 31, 2023, the Company had concluded that there was substantial doubt about its ability to continue as a going concern primarily due to significant uncertainty related to its ability to successfully develop, manufacture, distribute, and market its updated vaccine and execute on certain cost-reduction initiatives as described in Note 16. The Sanofi CLA has alleviated the substantial doubt. Revenue Recognition, Licensing and Transition Services The terms of the Company’s third-party licensing agreements may contain multiple performance obligations, including licenses and transition services. The Company evaluates licensing agreements under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) to determine the distinct performance obligations. Prior to recognizing revenue, the Company estimates the transaction price, including variable consideration that is subject to a constraint. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur and when the uncertainty associated with the variable consideration is subsequently resolved. Total consideration may include nonrefundable upfront license fees, transition service fees, other payments based upon the achievement of specified milestones, and royalty payments based on product sales from licensed products. For multiple performance obligation arrangements, the Company allocates the transaction price to each distinct performance obligation based on its relative standalone selling price. The standalone selling price is generally determined for each performance obligation based on the prices charged to customers, discounted cash flows, or using expected cost-plus margin. For standalone selling prices determined using discounted cash flows, the Company considers discounted, probability-weighted cash flows related to the performance obligation transferred. In developing such estimates, the Company applies judgment in determining the forecasted revenue, expected margins, and the discount rate. These estimates are subjective and require the Company to make assumptions about future cash flows. Revenue related to performance obligations satisfied at a point in time is recognized when the customer obtains control of the promised asset. For performance obligations recognized over time, the Company recognizes revenue using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. Under this process, the Company considers the costs that have been incurred to-date, as well as projections to completion using various inputs and assumptions, including, but not limited to, progress towards completion, labor costs and level of effort, material and subcontractor costs, and indirect administrative costs. Estimating the total cost at completion of the Company’s performance obligation under a contract is subjective and requires the Company to make assumptions about future activity and cost drivers. Changes in these estimates can occur for a variety of reasons and may impact the timing of revenue recognition on the Company’s contracts. Changes in estimates related to the process are recognized in the period when such changes are made on a cumulative catch-up basis. The Company has not experienced any material adjustments as a result of changes in estimates arising from this process. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Restructuring The Company recognizes restructuring charges when such costs are incurred. The Company’s restructuring charges consist of employee severance and other termination benefits related to the reduction of its workforce, the consolidation of facilities, and infrastructure and other costs. Termination benefits are expensed on the date the Company notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are probable and the benefit estimable. See Note 16 for additional information on the severance and employee benefit costs for terminated employees and impairment of assets in connection with the Company’s Restructuring Plan as defined in Note 16. Recent Accounting Pronouncements Not Yet Adopted In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements (“ASU 2023-06”), to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB ASC with the SEC's regulations. The Company is currently evaluating ASU 2023-06 to determine its impact on the Company's consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). The standard enhances transparency in income tax disclosures by requiring, on an annual basis, certain disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU also requires disaggregated disclosure related to pre-tax income (or loss) and income tax expense (or benefit) and eliminates certain disclosures related to the balance of an entity’s unrecognized tax benefit and the cumulative amount of certain temporary differences. The ASU is effective for the Company beginning on January 1, 2025. The Company is currently evaluating ASU 2023-09 to determine its impact on the Company's disclosures.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities Marketable securities were classified as available-for-sale as of June 30, 2024 and comprised of (in thousands): June 30, 2024 December 31, 2023 Amortized Gross Gross Fair Value Amortized Gross Gross Fair Value Corporate debt securities $ 369,582 $ — $ (150) $ 369,432 $ — $ — $ — $ — Total marketable securities $ 369,582 $ — $ (150) $ 369,432 $ — $ — $ — $ —

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table represents the Company’s fair value hierarchy for its financial assets and liabilities (in thousands): Fair Value at June 30, 2024 Fair Value at December 31, 2023 Assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Money market funds (1) $ 188,086 $ — $ — $ 171,824 $ — $ — Government-backed securities (1) — 225,000 — — 200,000 — Treasury securities (1) — — — — 45,622 — Corporate debt securities (2) — 601,466 — — — — Total cash equivalents and marketable securities $ 188,086 $ 826,466 $ — $ 171,824 $ 245,622 $ — Liabilities 5.00% Convertible notes due 2027 $ — $ 217,587 $ — $ — $ 100,909 $ — (1) Classified as cash and cash equivalents as of June 30, 2024 and December 31, 2023, respectively, on the consolidated balance sheets. (2) Includes $232.0 million classified as Cash and cash equivalents and $369.4 million classified as marketable securities as of June 30, 2024, on the consolidated balance sheets. Fixed-income investments categorized as Level 2 are valued at the custodian bank by a third-party pricing vendor’s valuation models that use verifiable observable market data, such as interest rates and yield curves observable at commonly quoted intervals and credit spreads, bids provided by brokers or dealers, or quoted prices of securities with similar characteristics. Pricing of the Company’s convertible notes has been estimated using observable inputs, including the price of the Company’s common stock, implied volatility, interest rates, and credit spreads. During the six months ended June 30, 2024 and 2023, the Company did not have any transfers between levels. The amount in the Company’s consolidated balance sheets for accounts payable and accrued expenses approximates its fair value due to its short-term nature.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Grants, U.S. Government Contract and Joint Venture [Abstract]
Revenue	Revenue The Company's accounts receivable included $29.8 million and $286.4 million related to amounts that were billed to customers and $2.3 million and $10.8 million related to amounts which had not yet been billed to customers as of June 30, 2024 and December 31, 2023, respectively. During the six months ended June 30, 2024 and 2023, changes in the Company’s accounts receivables, allowance for credit losses, and deferred revenue balances were as follows (in thousands): Balance, Beginning of Period Additions Deductions Balance, End of Period Accounts receivable: Six Months Ended June 30, 2024 $ 304,916 $ 672,326 $ (937,462) $ 39,780 Six Months Ended June 30, 2023 96,210 793,039 (486,684) 402,565 Allowance for credit losses (1) : Six Months Ended June 30, 2024 $ (7,675) $ — $ — $ (7,675) Six Months Ended June 30, 2023 (13,835) — 6,160 (7,675) Deferred revenue: (2) Six Months Ended June 30, 2024 $ 863,520 $ 365,150 $ (28,849) $ 1,199,821 Six Months Ended June 30, 2023 549,551 414,816 (56,957) 907,410 (1) There was no allowance for credit losses recorded during the six months ended June 30, 2024 or 2023. During the six months ended June 30, 2023, there was a $6.2 million reversal of a credit loss allowance due to the collection of a previously recognized allowance for credit losses. To estimate the allowance for credit losses, the Company evaluates the credit risk related to its customers based on historical loss experience, economic conditions, the aging of receivables, and customer-specific risks. (2) Deductions from Deferred revenue generally related to the recognition of revenue once performance obligations on a contract with a customer are met. During the six months ended June 30, 2024, deductions included a $2.2 million reclassification of refundable upfront payments previously included in Deferred revenue to Other current liabilities. During the six months ended June 30, 2024, additions included a $225.0 million reclassification of refundable upfront payment from Other current liabilities to Deferred revenue related to the settlement with Gavi as discussed below. There were no such reclassifications during the six months ended June 30, 2023. As of June 30, 2024, the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied (or partially unsatisfied), excluding amounts related to sales-based royalties and constrained variable consideration, was approximately $2 billion, of which $1.2 billion was included in Deferred revenue. Failure to meet regulatory milestones, obtain timely supportive recommendations from governmental advisory committees, or achieve product volume or delivery timing obligations under the Company’s APAs may require the Company to refund portions of upfront and other payments or result in reduced future payments, which could adversely impact the Company’s ability to realize revenue from its unsatisfied performance obligations. The timing to fulfill performance obligations related to APAs will depend on the timing of product manufacturing, receipt of marketing authorizations for additional indications, delivery of doses based on customer demand, and the ability of the customer to request the Company’s updated vaccine under certain of the Company’s APAs. Under an APA with Gavi, the Vaccine Alliance (“Gavi”), entered into in May 2021 (the “Gavi APA”), the Company received upfront payments of $700 million from Gavi (the “Advance Payment Amount”) to be applied against purchases of the Company’s prototype vaccine by certain countries participating in the COVAX Facility. As of December 31, 2023, the remaining Gavi Advance Payment Amount was $696.4 million. In February 2024, the Company entered into a Termination and Settlement Agreement with Gavi (the “Gavi Settlement Agreement”) terminating the Gavi APA, settling the arbitration proceedings, and releasing both parties of all claims arising from, under, or otherwise in connection with the Gavi APA. On February 22, 2024, the claims and counterclaims were dismissed with prejudice. Pursuant to the Gavi Settlement Agreement, the Company is responsible for payment to Gavi of (i) an initial settlement payment of $75 million, which the Company paid in February 2024, and (ii) deferred payments, in equal annual amounts of $80 million payable each calendar year through a deferred payment term ending December 31, 2028. The deferred payments are due in variable quarterly installments and total $400 million during the deferred payment term. Such deferred payments may be reduced through Gavi’s use of an annual vaccine credit equivalent to the unpaid balance of such deferred payments each year, which may be applied to qualifying sales of any of the Company’s vaccines for supply to certain low-income and lower-middle income countries. The Company has the right to price the vaccines offered to such low-income and lower-middle income countries in its discretion, and, when utilized by Gavi, the Company will credit the actual price per vaccine paid against the applicable credit. The Company intends to price vaccines offered via the tender process, consistent with its shared goal with Gavi to provide equitable access to those countries. Also, pursuant to the Gavi Settlement Agreement, the Company granted Gavi an additional credit of up to $225 million that may be applied against qualifying sales of any of the Company’s vaccines for supply to such low-income and lower-middle income countries that exceed the $80 million deferred payment amount in any calendar year during the deferred payment term. In total, the Gavi settlement agreement is comprised of $700 million of potential consideration, consisting of the $75 million initial settlement payment, deferred payments of up to $400 million that may be reduced through annual vaccine credits, and the additional credit of up to $225 million that may be applied for certain qualifying sales. The Company recorded the $3.6 million difference between the refund liability recorded as of December 31, 2023 of $696.4 million and the $700 million of total consideration under the arrangement as a reduction to revenue during the six months ended June 30, 2024. As of June 30, 2024, the remaining amounts included on the Company’s consolidated balance sheet were $225 million in non-current Deferred revenue for the additional credit that may be applied against future qualifying sales, $90 million in Other current liabilities, and $305 million in Other non-current liabilities. In addition, the Company and Gavi entered into a security agreement pursuant to which Novavax granted Gavi a security interest in accounts receivable from SII under the SII R21 Agreement (see Note 6), which will continue for the deferred payment term of the Gavi Settlement Agreement. Product Sales Product sales by the Company’s customer’s geographic location was as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 North America $ 1,607 $ — $ (4,755) $ — Europe 169 1,518 90,586 58,785 Rest of the world 18,128 283,645 16,397 218,921 Total product sales revenue $ 19,904 $ 285,163 $ 102,228 $ 277,706 Product sales in the U.S. are primarily made through large pharmaceutical wholesale distributors at the wholesale acquisition cost (“WAC”). Product sales in the U.S. are recorded net of gross-to-net deductions. During the six months ended June 30, 2024, product sales in North America includes $4.8 million of gross-to-net deductions in excess of the WAC, primarily due to wholesale distributor fees for shipments expected to be returned and adjustments made to estimated returns of prior period product sales, partially offset by updates to estimated product returns. During the six months ended June 30, 2024, product sales for the rest of the world includes a $3.6 million reduction to revenue recognized pursuant to the Gavi Settlement Agreement as discussed above. As of June 30, 2024, changes in the Company’s gross-to-net deductions balances were as follows (in thousands): Wholesale Distributor Fees, Discounts, and Chargebacks Product Returns Total Balance as of December 31, 2023 $ 21,072 $ 84,616 $ 105,688 Amounts charged against product sales (1) 15,436 21,302 36,738 Credits/deductions (35,621) (51,331) (86,952) Balance as of June 30, 2024 $ 887 $ 54,587 $ 55,474 (1) Amounts charged against product sales include $4.0 million of adjustments made to prior period product sales due primarily to changes in the estimate of product returns. As of June 30, 2024 no gross-to-net deductions were included in Accounts receivable. As of December 31, 2023, $2.6 million of gross-to-net deductions were included in Accounts receivable. As of June 30, 2024 and December 31, 2023, $55.5 million and $103.1 million of gross-to-net deductions were included in Accrued expenses, respectively. The Company has an APA with the Commonwealth of Australia (“Australia”) for the purchase of doses of COVID-19 Vaccine (the “Australia APA”). In March 2024, the Company and Australia agreed to cancel the COVID-19 Vaccine doses previously scheduled for delivery in the fourth quarter of 2023. As a result of the cancellation, the total contract value was reduced by $54.0 million, including $6.0 million of deferred revenue related to the cancelled doses that will be applied as a credit towards future deliveries of doses. Australia is not required to purchase updated vaccine doses until the Company receives authorization from Therapeutic Goods Administration (“TGA”). The Company does not expect approval in time for product delivery in 2024 which could result in a loss or deferral of approximately $240 million of contract value. The Company plans to seek an amendment to the Australia APA which may not be achievable on acceptable terms or at all. As of June 30, 2024, $119.1 million was classified as current Deferred revenue and $14.7 million was classified as non-current Deferred revenue with respect to the Australia APA in the Company’s consolidated balance sheet. If the Company is unable to satisfy its obligations under the Australia APA, $92.5 million of deferred revenue may become refundable and approximately $225 million of remaining funds under the contract may no longer be available. The Company has an APA with His Majesty the King in Right of Canada as represented by the Minister of Public Works and Government Services, as successor in interest to Her Majesty the Queen in Right of Canada, as represented by the Minister of Public Works and Government Services (the “Canadian government”), for the purchase of doses of COVID-19 Vaccine (the “Canada APA”). The Canadian government may terminate the Canada APA, as amended, if the Company fails to receive regulatory approval for its COVID-19 Vaccine using bulk antigen produced at Biologics Manufacturing Centre (“BMC”) Inc. on or before December 31, 2024 . The Company does not anticipate achieving regulatory approval of its COVID-19 Vaccine using bulk antigen produced at BMC on or before December 31, 2024 . Therefore, the Company plans to seek an amendment to the Canada APA to address possible alternatives, which may not be achievable on acceptable terms or at all. As of June 30, 2024, $452.1 million was classified as current Deferred revenue and $136.1 million was classified as non-current Deferred revenue with respect to the Canadian APA in the Company’s consolidated balance sheet. If the Canadian government terminates the Canada APA, $28.0 million of the deferred revenue would become refundable and approximately $224 million of the contract value related to future deliverables would no longer be available. In July 2024, the Pharmaceutical Management Agency (“Pharmac”), a New Zealand Crown entity, provided notice of its termination of its APA (the “New Zealand APA”). As of June 30, 2024, $31.3 million was classified as current Deferred revenue with respect to such agreement in the Company’s consolidated balance sheet. New Zealand has requested a refund of certain advanced payments and the Company is in discussion with Pharmac on both, whether its termination of the New Zealand APA was appropriate under the New Zealand APA, and whether a refund of the advanced payments is appropriate under the New Zealand APA. Ap proximately $125 million of the contract value related to future deliverables may no longer be available if the APA is terminated. Licensing, Royalties, and Other Licensing, royalties, and other includes Licensing payments, Transition Services revenue, and Technology Transfer revenue from the Company’s Collaboration and License Agreement with Sanofi (“Sanofi CLA”); royalty milestone payments; sales-based royalties; and Matrix-M™ adjuvant sales. During the three and six months ended June 30, 2024, respectively, the Company recognized $386.3 million and $390.3 million in revenue related to license fees and $2.7 million and $10.2 million in revenue related to Matrix-M™ adjuvant sales, respectively. During the three and six months ended June 30, 2024, the Company recognized $6.6 million of Transition Services revenue. During the three and six months ended June 30, 2023, the Company recognized $2.2 million and $3.2 million in revenue related to Matrix-M™ adjuvant sales. During the three and six months ended June 30, 2023, the Company did not recognize revenue related to license fees or milestone payments. Grants As of June 30, 2024, the Company’s material collaborations, license and supply agreements were as follows: Serum The Company previously granted SII exclusive and non-exclusive licenses for the development, co-formulation, filling and finishing, registration, and commercialization of its prototype vaccine, NVX-CoV2601, its updated vaccine, and its CIC vaccine candidate. SII agreed to purchase the Company's Matrix-M™ adjuvant and the Company granted SII a non-exclusive license to manufacture the antigen drug substance component of the Company’s COVID-19 Vaccine in SII’s licensed territory solely for use in the manufacture of COVID-19 Vaccine. The Company and SII equally split the revenue from SII’s sale of COVID-19 Vaccine in its licensed territory, net of agreed costs. In May 2024, the Company and SLS entered into a supply agreement (the “SLS Supply Agreement”) under which SLS will supply the Company with antigen drug substance and finished COVID-19 Vaccine doses. The SLS Supply Agreement includes the general terms and conditions of supply orders between the Company and SLS. The Company and SLS intend to execute statements of work and firm purchase orders to included specific quantities to be delivered under the SLS Supply Agreement. The Company will supply SLS with all Matrix-M™ adjuvant needed to manufacture finished COVID-19 Vaccine doses. In March 2020, the Company entered into an agreement with SII that granted SII a non-exclusive license for the use of Matrix-M™ adjuvant supplied by the Company to develop, manufacture, and commercialize R21/Matrix-M™ adjuvant (“SII R21 Agreement”), a malaria vaccine created by the Jenner Institute, University of Oxford (“R21/Matrix-M™”). In December 2023, R21/Matrix-M™ received prequalification by the World Health Organization (“WHO”). Under the SII R21 Agreement, SII purchases the Company's Matrix-M™ adjuvant for use in development activities at cost and for commercial purposes at a tiered commercial supply price, and pays a royalty in the single-to low- double-digit range based on vaccine sales for a period of 15 years after the first commercial sale of the vaccine in each country. Takeda Pharmaceutical Company Limited The Company has a collaboration and license agreement with Takeda Pharmaceutical Company Limited (“Takeda”) under which the Company granted Takeda an exclusive license to develop, manufacture, and commercialize the Company’s COVID-19 Vaccine in Japan. Under the agreement, Takeda purchases Matrix-M™ adjuvant from the Company to manufacture doses of COVID-19 Vaccine, and the Company is entitled to receive milestone and sales-based royalty payments from Takeda based on the achievement of certain development and commercial milestones, as well as a portion of net profits from the sale of COVID-19 Vaccine. In September 2021, Takeda finalized an agreement with the Government of Japan’s Ministry of Health, Labour and Welfare ("MHLW") for the purchase of 150 million doses of its prototype vaccine. In February 2023, MHLW canceled the remainder of doses under its agreement with Takeda. As a result, it is uncertain whether the Company will receive future sales-based royalty payments from Takeda under the terms and conditions of their current collaboration and licensing agreement. Sanofi In May 2024, the Company entered into the Sanofi CLA under which the Company granted and Sanofi received the following: i) A co-exclusive license to commercialize the Company’s current stand-alone COVID-19 Vaccine, including the Company’s prototype vaccine and updated vaccines, that address seasonal variants throughout the world (the “COVID-19 Vaccine Products”); ii) A sole license to develop and commercialize combination products containing a potential combination of the Company’s COVID-19 Vaccine and Sanofi’s seasonal influenza vaccine (“COVID-19 and influenza Combination Products” or “CIC Products”); iii) A non-exclusive license to develop and commercialize combination products containing both the Company’s COVID-19 Vaccine and one or more non-influenza vaccines (“Other Combination Products” and together with the COVID-19 Vaccine Products, CIC Products, and Other Combination Products, “Licensed COVID-19 Products”); and iv) A non-exclusive license to develop and commercialize other vaccine products selected by Sanofi that include the Company’s Matrix-M™ adjuvant (as described below, the “Adjuvant Products”). The Company is also responsible for performing services related to the technology transfer of its manufacturing process for the COVID-19 Vaccine Products and Matrix-M™ components to Sanofi. Until the successful completion of such transfer, the Company will supply Sanofi with both COVID-19 Vaccine Products and Matrix-M™ intermediary components for Sanofi’s use and is eligible for reimbursement of such costs from Sanofi. In addition, the Company is responsible for certain research and development and medical affairs services related to the COVID-19 Vaccine. Under the Sanofi CLA, the Company will continue to commercialize its updated vaccine. Beginning in 2025 and continuing during the term of the Sanofi CLA, Sanofi and the Company will commercialize the COVID-19 Vaccine Products worldwide in accordance with a commercialization plan agreed by the Company and Sanofi, under which the Company will continue to supply its existing APA customers and strategic partners, including Takeda and SII. Upon completion of the existing APAs, the Company and Sanofi will jointly agree on commercialization activities of each party in each jurisdiction. Pursuant to the Sanofi CLA, the Company received a non-refundable upfront payment of $500 million in the second quarter of 2024. In addition, the Company will also be eligible to receive development, technology transfer, launch, and sales milestone payments totaling up to $700 million in the aggregate with respect to the COVID-19 Vaccine Products and royalty payments on Sanofi’s sales of such licensed products. Milestone payments are comprised of a payment of $175 million upon the approval of the marketing authorization for a COVID-19 Vaccine Product in a pre-filled syringe from the FDA, $25 million upon the transfer of such approval to Sanofi, $25 million upon the transfer of EMA approval of a COVID-19 Vaccine Product in a pre-filled syringe to Sanofi, $50 million upon database lock of an existing Phase 2/3 clinical trial (identifier 2019nCoV-503), $75 million upon the completion of the technology transfer of the Company’s manufacturing process for the COVID-19 Vaccine Products to Sanofi, and up to $350 million in CIC Product-related development and launch milestones. The Company is also eligible to receive development, launch, and sales milestone payments of up to $200 million for each of the first four Adjuvant Products and $210 million for each Adjuvant Product thereafter, and royalty payments on Sanofi’s sales of all such licensed products. In addition, a portion of the technology transfer costs and research and development costs incurred by the Company will be reimbursed by Sanofi in accordance with agreed upon plans and budgets. The Company assessed whether the Sanofi CLA fell within the scope of ASC 808, Collaborative Arrangements (“ASC 808”) based on whether the arrangement involved joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. The Company determined that the Sanofi CLA did not fall within the scope of ASC 808, as the Company does not share in the significant financial risks of Sanofi's development or commercialization activities. The Company then analyzed the arrangement pursuant to the provisions of ASC 606 and determined that the arrangement represents a contract with a customer and is therefore within the scope of ASC 606. The Company identified the following performance obligations in the Sanofi CLA and determined that they were within the scope of ASC 606: delivery of (i) the licenses described above (the COVID-19 Vaccine license, CIC Products license, Other Combination Product license, and Adjuvant Products license) (collectively the “Sanofi CLA Licenses’), (ii) research and development transition services that support further regulatory approval and development of the COVID-19 Vaccine, referred to as the Sanofi Transition Services, and (iii) technology transfer of the existing manufacturing process for the COVID-19 Vaccine Products and Matrix-M™ adjuvant, referred to as the “Sanofi Technology Transfer”. The Company also evaluated whether certain options outlined in the Sanofi Agreement represented material rights that would give rise to a performance obligation and concluded that none of the options convey a material right to Sanofi and therefore are not considered separate performance obligations within the Sanofi CLA. The Sanofi CLA Licenses performance obligations are considered functional intellectual property and distinct from other promises under the contract as Sanofi can benefit from the licenses on their own or together with other readily available resources. Also, the Sanofi Transition Services provide a distinct benefit to Sanofi within the context of the contract, separate from the licenses, as the services could be provided by Sanofi or another third party without the Company’s assistance. The Sanofi Technology Transfer obligation is distinct as Sanofi can benefit from the Sanofi CLA Licenses transferred by the Company at the inception of the agreement with other readily available resources. Therefore, each represents a separate performance obligation within the contract with a customer under the scope of ASC 606 at contract inception. The Company determined the initial transaction price at inception of the Sanofi CLA to be $620.2 million, consisting of (i) fixed consideration (the $500 million upfront nonrefundable fee), (ii) and $120.2 million of variable consideration attributed to a $50.0 million clinical milestone and $70.2 million of estimated cost reimbursement related to Sanofi Transition Services and Sanofi Technology Transfer. Since the clinical milestone allocated to Sanofi Transition Services is entirely within the Company’s control, and the cost reimbursement variable consideration allocated to Sanofi Transition Services and Sanofi Technology Transfer would be recognized as revenue only as the costs are incurred, the Company determined it is not probable that a significant reversal of cumulative revenue would occur. The Company utilized the expected value method to determine the amount of these payments. The Company excluded certain regulatory and technology transfer milestones from the transaction price that were determined to be inherently uncertain of achievement and are highly susceptible to factors outside of the Company’s control. Sales-based royalties and launch milestones are related to the license of the intellectual property rights and the Company will recognize revenue for these in the period when subsequent sales are made or sale-based milestones are achieved pursuant to the sales-based royalty exception under ASC 606. The Company will re-evaluate the transaction price in each reporting period as uncertain events are resolved or other changes in circumstances occur. The Company allocated the fixed consideration (i.e., the $500 million nonrefundable upfront fee) to the performance obligations in the Sanofi CLA based on each performance obligation’s relative standalone selling price, or SSP, as follows: • $386.3 million for the upfront transfer of the licenses; • $110.2 million for Transition Services; and • $3.5 million for Technology Transfer. The SSP for the licenses were determined using an approach that considered discounted, probability-weighted cash flows related to the license transferred. In developing such estimates, the Company applied judgment in determining the forecasted revenues, expected margins, and the discount rate. The SSP for the ongoing Transition Services and Technology Transfer were based on estimates of the associated effort and cost of these services, adjusted for a reasonable gross profit margin that would be expected to be realized under similar contracts. The Company recognized revenue related to the licenses at a point in time upon transfer of the rights and control of the license to Sanofi during the second quarter 2024. The Sanofi Transition Services and Technology Transfer are recognized in revenue over time using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. Revenue recognized related to Sanofi Transition Services and Technology Transfer for the three and six month period ended June 30, 2024 was $6.6 million. The Company’s consolidated balance sheet as of June 30, 2024 includes a deferred revenue balance of $109.2 million ($50.9 million included in Deferred revenue, current portion and $58.3 million included in Deferred revenue, non-current portion) related to Transition Services and Technology Transfer. The Company recognized an asset for $35.0 million of direct costs incurred to obtain the Sanofi CLA. These costs are amortized to expense over the expected period of the benefit in a manner that is consistent with the transfer of the related goods and services in the Sanofi CLA. The Company recognized $27.1 million of amortization expense related to the asset in Selling, general, and administrative expense in the second quarter of 2024. In May 2024, the Company also entered into the Subscription Agreement, pursuant to which the Company sold and issued to Sanofi, in a private placement, 6,880,481 shares of the Company’s common stock, par value $0.01 per share at a price of $10.00 per share for aggregate gross proceeds to the Company of $68.8 million. The opening price of the Company’s common stock on the date of the sale approximated $10.00 per share and therefore all gross proceeds were allocated to stockholders’ deficit. Bill & Melinda Gates Medical Research Institute In May 2023, the Company entered into a three-year agreement with the Bill & Melinda Gates Medical Research Institute to provide the Company’s Matrix-M™ adjuvant for use in preclinical vaccine research. Other Supply Agreements In March 2024, the Company, FUJIFILM Diosynth Biotechnologies UK Limited (“FDBK”), FUJIFILM Diosynth Biotechnologies Texas, LLC (“FDBT”) and FUJIFILM Diosynth Biotechnologies USA, Inc. (“FDBU” and together with FDBK and FDBT, “Fujifilm”) entered into a Confidential Settlement Agreement and Release (the “Settlement Agreement”) to resolve disputes regarding amounts that Fujifilm claimed were due under a prior Confidential Settlement Agreement and Release effective September 30, 2022 (the “CSAR”) by and between the Company and Fujifilm. Under the CSAR, the Company agreed to pay up to $185.0 million to Fujifilm in connection with the cancellation of manufacturing activity at FDBT. The final two quarterly installments due to Fujifilm in 2023 under the CSAR, totaling $68.6 million, were subject to Fujifilm’s obligation to use commercially reasonable efforts to mitigate losses associated with the vacant manufacturing capacity caused by the termination of manufacturing activities at FDBT. In October 2023, the Company sent Fujifilm a notice of breach and refused to pay the final two installments based on its contention that Fujifilm had not used commercially reasonable efforts to mitigate losses and should have offset some portion of the final two payments. In October 2023, Fujifilm filed a demand for arbitration with Judicial Arbitration and Mediation Services (“JAMS”) seeking payment of the full amount (the “Fujifilm Arbitration”). Pursuant to the Settlement Agreement, in March 2024, the Company paid $42.0 million to Fujifilm, the parties agreed to a mutual release of claims arising from, under or otherwise in connection with the CSAR, and Fujifilm agreed to dismiss the Fujifilm Arbitration. This payment is less than amounts previously accrued for and reflected in Research and development expense, and accordingly, the Company recorded a benefit of $26.6 million as Research and development expense during the six months ended June 30, 2024 upon the execution of the Settlement Agreement. The Company continues to assess its manufacturing needs and intends to modify its global manufacturing footprint consistent with its contractual obligations to supply, and anticipated demand for, its COVID-19 Program, and in doing so, recognizes that significant costs may be incurred.

Collaboration, License, and Sup

Collaboration, License, and Supply Agreements	6 Months Ended
	Jun. 30, 2024
Collaborative Arrangement [Abstract]
Collaboration, License, and Supply Agreements	Revenue The Company's accounts receivable included $29.8 million and $286.4 million related to amounts that were billed to customers and $2.3 million and $10.8 million related to amounts which had not yet been billed to customers as of June 30, 2024 and December 31, 2023, respectively. During the six months ended June 30, 2024 and 2023, changes in the Company’s accounts receivables, allowance for credit losses, and deferred revenue balances were as follows (in thousands): Balance, Beginning of Period Additions Deductions Balance, End of Period Accounts receivable: Six Months Ended June 30, 2024 $ 304,916 $ 672,326 $ (937,462) $ 39,780 Six Months Ended June 30, 2023 96,210 793,039 (486,684) 402,565 Allowance for credit losses (1) : Six Months Ended June 30, 2024 $ (7,675) $ — $ — $ (7,675) Six Months Ended June 30, 2023 (13,835) — 6,160 (7,675) Deferred revenue: (2) Six Months Ended June 30, 2024 $ 863,520 $ 365,150 $ (28,849) $ 1,199,821 Six Months Ended June 30, 2023 549,551 414,816 (56,957) 907,410 (1) There was no allowance for credit losses recorded during the six months ended June 30, 2024 or 2023. During the six months ended June 30, 2023, there was a $6.2 million reversal of a credit loss allowance due to the collection of a previously recognized allowance for credit losses. To estimate the allowance for credit losses, the Company evaluates the credit risk related to its customers based on historical loss experience, economic conditions, the aging of receivables, and customer-specific risks. (2) Deductions from Deferred revenue generally related to the recognition of revenue once performance obligations on a contract with a customer are met. During the six months ended June 30, 2024, deductions included a $2.2 million reclassification of refundable upfront payments previously included in Deferred revenue to Other current liabilities. During the six months ended June 30, 2024, additions included a $225.0 million reclassification of refundable upfront payment from Other current liabilities to Deferred revenue related to the settlement with Gavi as discussed below. There were no such reclassifications during the six months ended June 30, 2023. As of June 30, 2024, the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied (or partially unsatisfied), excluding amounts related to sales-based royalties and constrained variable consideration, was approximately $2 billion, of which $1.2 billion was included in Deferred revenue. Failure to meet regulatory milestones, obtain timely supportive recommendations from governmental advisory committees, or achieve product volume or delivery timing obligations under the Company’s APAs may require the Company to refund portions of upfront and other payments or result in reduced future payments, which could adversely impact the Company’s ability to realize revenue from its unsatisfied performance obligations. The timing to fulfill performance obligations related to APAs will depend on the timing of product manufacturing, receipt of marketing authorizations for additional indications, delivery of doses based on customer demand, and the ability of the customer to request the Company’s updated vaccine under certain of the Company’s APAs. Under an APA with Gavi, the Vaccine Alliance (“Gavi”), entered into in May 2021 (the “Gavi APA”), the Company received upfront payments of $700 million from Gavi (the “Advance Payment Amount”) to be applied against purchases of the Company’s prototype vaccine by certain countries participating in the COVAX Facility. As of December 31, 2023, the remaining Gavi Advance Payment Amount was $696.4 million. In February 2024, the Company entered into a Termination and Settlement Agreement with Gavi (the “Gavi Settlement Agreement”) terminating the Gavi APA, settling the arbitration proceedings, and releasing both parties of all claims arising from, under, or otherwise in connection with the Gavi APA. On February 22, 2024, the claims and counterclaims were dismissed with prejudice. Pursuant to the Gavi Settlement Agreement, the Company is responsible for payment to Gavi of (i) an initial settlement payment of $75 million, which the Company paid in February 2024, and (ii) deferred payments, in equal annual amounts of $80 million payable each calendar year through a deferred payment term ending December 31, 2028. The deferred payments are due in variable quarterly installments and total $400 million during the deferred payment term. Such deferred payments may be reduced through Gavi’s use of an annual vaccine credit equivalent to the unpaid balance of such deferred payments each year, which may be applied to qualifying sales of any of the Company’s vaccines for supply to certain low-income and lower-middle income countries. The Company has the right to price the vaccines offered to such low-income and lower-middle income countries in its discretion, and, when utilized by Gavi, the Company will credit the actual price per vaccine paid against the applicable credit. The Company intends to price vaccines offered via the tender process, consistent with its shared goal with Gavi to provide equitable access to those countries. Also, pursuant to the Gavi Settlement Agreement, the Company granted Gavi an additional credit of up to $225 million that may be applied against qualifying sales of any of the Company’s vaccines for supply to such low-income and lower-middle income countries that exceed the $80 million deferred payment amount in any calendar year during the deferred payment term. In total, the Gavi settlement agreement is comprised of $700 million of potential consideration, consisting of the $75 million initial settlement payment, deferred payments of up to $400 million that may be reduced through annual vaccine credits, and the additional credit of up to $225 million that may be applied for certain qualifying sales. The Company recorded the $3.6 million difference between the refund liability recorded as of December 31, 2023 of $696.4 million and the $700 million of total consideration under the arrangement as a reduction to revenue during the six months ended June 30, 2024. As of June 30, 2024, the remaining amounts included on the Company’s consolidated balance sheet were $225 million in non-current Deferred revenue for the additional credit that may be applied against future qualifying sales, $90 million in Other current liabilities, and $305 million in Other non-current liabilities. In addition, the Company and Gavi entered into a security agreement pursuant to which Novavax granted Gavi a security interest in accounts receivable from SII under the SII R21 Agreement (see Note 6), which will continue for the deferred payment term of the Gavi Settlement Agreement. Product Sales Product sales by the Company’s customer’s geographic location was as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 North America $ 1,607 $ — $ (4,755) $ — Europe 169 1,518 90,586 58,785 Rest of the world 18,128 283,645 16,397 218,921 Total product sales revenue $ 19,904 $ 285,163 $ 102,228 $ 277,706 Product sales in the U.S. are primarily made through large pharmaceutical wholesale distributors at the wholesale acquisition cost (“WAC”). Product sales in the U.S. are recorded net of gross-to-net deductions. During the six months ended June 30, 2024, product sales in North America includes $4.8 million of gross-to-net deductions in excess of the WAC, primarily due to wholesale distributor fees for shipments expected to be returned and adjustments made to estimated returns of prior period product sales, partially offset by updates to estimated product returns. During the six months ended June 30, 2024, product sales for the rest of the world includes a $3.6 million reduction to revenue recognized pursuant to the Gavi Settlement Agreement as discussed above. As of June 30, 2024, changes in the Company’s gross-to-net deductions balances were as follows (in thousands): Wholesale Distributor Fees, Discounts, and Chargebacks Product Returns Total Balance as of December 31, 2023 $ 21,072 $ 84,616 $ 105,688 Amounts charged against product sales (1) 15,436 21,302 36,738 Credits/deductions (35,621) (51,331) (86,952) Balance as of June 30, 2024 $ 887 $ 54,587 $ 55,474 (1) Amounts charged against product sales include $4.0 million of adjustments made to prior period product sales due primarily to changes in the estimate of product returns. As of June 30, 2024 no gross-to-net deductions were included in Accounts receivable. As of December 31, 2023, $2.6 million of gross-to-net deductions were included in Accounts receivable. As of June 30, 2024 and December 31, 2023, $55.5 million and $103.1 million of gross-to-net deductions were included in Accrued expenses, respectively. The Company has an APA with the Commonwealth of Australia (“Australia”) for the purchase of doses of COVID-19 Vaccine (the “Australia APA”). In March 2024, the Company and Australia agreed to cancel the COVID-19 Vaccine doses previously scheduled for delivery in the fourth quarter of 2023. As a result of the cancellation, the total contract value was reduced by $54.0 million, including $6.0 million of deferred revenue related to the cancelled doses that will be applied as a credit towards future deliveries of doses. Australia is not required to purchase updated vaccine doses until the Company receives authorization from Therapeutic Goods Administration (“TGA”). The Company does not expect approval in time for product delivery in 2024 which could result in a loss or deferral of approximately $240 million of contract value. The Company plans to seek an amendment to the Australia APA which may not be achievable on acceptable terms or at all. As of June 30, 2024, $119.1 million was classified as current Deferred revenue and $14.7 million was classified as non-current Deferred revenue with respect to the Australia APA in the Company’s consolidated balance sheet. If the Company is unable to satisfy its obligations under the Australia APA, $92.5 million of deferred revenue may become refundable and approximately $225 million of remaining funds under the contract may no longer be available. The Company has an APA with His Majesty the King in Right of Canada as represented by the Minister of Public Works and Government Services, as successor in interest to Her Majesty the Queen in Right of Canada, as represented by the Minister of Public Works and Government Services (the “Canadian government”), for the purchase of doses of COVID-19 Vaccine (the “Canada APA”). The Canadian government may terminate the Canada APA, as amended, if the Company fails to receive regulatory approval for its COVID-19 Vaccine using bulk antigen produced at Biologics Manufacturing Centre (“BMC”) Inc. on or before December 31, 2024 . The Company does not anticipate achieving regulatory approval of its COVID-19 Vaccine using bulk antigen produced at BMC on or before December 31, 2024 . Therefore, the Company plans to seek an amendment to the Canada APA to address possible alternatives, which may not be achievable on acceptable terms or at all. As of June 30, 2024, $452.1 million was classified as current Deferred revenue and $136.1 million was classified as non-current Deferred revenue with respect to the Canadian APA in the Company’s consolidated balance sheet. If the Canadian government terminates the Canada APA, $28.0 million of the deferred revenue would become refundable and approximately $224 million of the contract value related to future deliverables would no longer be available. In July 2024, the Pharmaceutical Management Agency (“Pharmac”), a New Zealand Crown entity, provided notice of its termination of its APA (the “New Zealand APA”). As of June 30, 2024, $31.3 million was classified as current Deferred revenue with respect to such agreement in the Company’s consolidated balance sheet. New Zealand has requested a refund of certain advanced payments and the Company is in discussion with Pharmac on both, whether its termination of the New Zealand APA was appropriate under the New Zealand APA, and whether a refund of the advanced payments is appropriate under the New Zealand APA. Ap proximately $125 million of the contract value related to future deliverables may no longer be available if the APA is terminated. Licensing, Royalties, and Other Licensing, royalties, and other includes Licensing payments, Transition Services revenue, and Technology Transfer revenue from the Company’s Collaboration and License Agreement with Sanofi (“Sanofi CLA”); royalty milestone payments; sales-based royalties; and Matrix-M™ adjuvant sales. During the three and six months ended June 30, 2024, respectively, the Company recognized $386.3 million and $390.3 million in revenue related to license fees and $2.7 million and $10.2 million in revenue related to Matrix-M™ adjuvant sales, respectively. During the three and six months ended June 30, 2024, the Company recognized $6.6 million of Transition Services revenue. During the three and six months ended June 30, 2023, the Company recognized $2.2 million and $3.2 million in revenue related to Matrix-M™ adjuvant sales. During the three and six months ended June 30, 2023, the Company did not recognize revenue related to license fees or milestone payments. Grants As of June 30, 2024, the Company’s material collaborations, license and supply agreements were as follows: Serum The Company previously granted SII exclusive and non-exclusive licenses for the development, co-formulation, filling and finishing, registration, and commercialization of its prototype vaccine, NVX-CoV2601, its updated vaccine, and its CIC vaccine candidate. SII agreed to purchase the Company's Matrix-M™ adjuvant and the Company granted SII a non-exclusive license to manufacture the antigen drug substance component of the Company’s COVID-19 Vaccine in SII’s licensed territory solely for use in the manufacture of COVID-19 Vaccine. The Company and SII equally split the revenue from SII’s sale of COVID-19 Vaccine in its licensed territory, net of agreed costs. In May 2024, the Company and SLS entered into a supply agreement (the “SLS Supply Agreement”) under which SLS will supply the Company with antigen drug substance and finished COVID-19 Vaccine doses. The SLS Supply Agreement includes the general terms and conditions of supply orders between the Company and SLS. The Company and SLS intend to execute statements of work and firm purchase orders to included specific quantities to be delivered under the SLS Supply Agreement. The Company will supply SLS with all Matrix-M™ adjuvant needed to manufacture finished COVID-19 Vaccine doses. In March 2020, the Company entered into an agreement with SII that granted SII a non-exclusive license for the use of Matrix-M™ adjuvant supplied by the Company to develop, manufacture, and commercialize R21/Matrix-M™ adjuvant (“SII R21 Agreement”), a malaria vaccine created by the Jenner Institute, University of Oxford (“R21/Matrix-M™”). In December 2023, R21/Matrix-M™ received prequalification by the World Health Organization (“WHO”). Under the SII R21 Agreement, SII purchases the Company's Matrix-M™ adjuvant for use in development activities at cost and for commercial purposes at a tiered commercial supply price, and pays a royalty in the single-to low- double-digit range based on vaccine sales for a period of 15 years after the first commercial sale of the vaccine in each country. Takeda Pharmaceutical Company Limited The Company has a collaboration and license agreement with Takeda Pharmaceutical Company Limited (“Takeda”) under which the Company granted Takeda an exclusive license to develop, manufacture, and commercialize the Company’s COVID-19 Vaccine in Japan. Under the agreement, Takeda purchases Matrix-M™ adjuvant from the Company to manufacture doses of COVID-19 Vaccine, and the Company is entitled to receive milestone and sales-based royalty payments from Takeda based on the achievement of certain development and commercial milestones, as well as a portion of net profits from the sale of COVID-19 Vaccine. In September 2021, Takeda finalized an agreement with the Government of Japan’s Ministry of Health, Labour and Welfare ("MHLW") for the purchase of 150 million doses of its prototype vaccine. In February 2023, MHLW canceled the remainder of doses under its agreement with Takeda. As a result, it is uncertain whether the Company will receive future sales-based royalty payments from Takeda under the terms and conditions of their current collaboration and licensing agreement. Sanofi In May 2024, the Company entered into the Sanofi CLA under which the Company granted and Sanofi received the following: i) A co-exclusive license to commercialize the Company’s current stand-alone COVID-19 Vaccine, including the Company’s prototype vaccine and updated vaccines, that address seasonal variants throughout the world (the “COVID-19 Vaccine Products”); ii) A sole license to develop and commercialize combination products containing a potential combination of the Company’s COVID-19 Vaccine and Sanofi’s seasonal influenza vaccine (“COVID-19 and influenza Combination Products” or “CIC Products”); iii) A non-exclusive license to develop and commercialize combination products containing both the Company’s COVID-19 Vaccine and one or more non-influenza vaccines (“Other Combination Products” and together with the COVID-19 Vaccine Products, CIC Products, and Other Combination Products, “Licensed COVID-19 Products”); and iv) A non-exclusive license to develop and commercialize other vaccine products selected by Sanofi that include the Company’s Matrix-M™ adjuvant (as described below, the “Adjuvant Products”). The Company is also responsible for performing services related to the technology transfer of its manufacturing process for the COVID-19 Vaccine Products and Matrix-M™ components to Sanofi. Until the successful completion of such transfer, the Company will supply Sanofi with both COVID-19 Vaccine Products and Matrix-M™ intermediary components for Sanofi’s use and is eligible for reimbursement of such costs from Sanofi. In addition, the Company is responsible for certain research and development and medical affairs services related to the COVID-19 Vaccine. Under the Sanofi CLA, the Company will continue to commercialize its updated vaccine. Beginning in 2025 and continuing during the term of the Sanofi CLA, Sanofi and the Company will commercialize the COVID-19 Vaccine Products worldwide in accordance with a commercialization plan agreed by the Company and Sanofi, under which the Company will continue to supply its existing APA customers and strategic partners, including Takeda and SII. Upon completion of the existing APAs, the Company and Sanofi will jointly agree on commercialization activities of each party in each jurisdiction. Pursuant to the Sanofi CLA, the Company received a non-refundable upfront payment of $500 million in the second quarter of 2024. In addition, the Company will also be eligible to receive development, technology transfer, launch, and sales milestone payments totaling up to $700 million in the aggregate with respect to the COVID-19 Vaccine Products and royalty payments on Sanofi’s sales of such licensed products. Milestone payments are comprised of a payment of $175 million upon the approval of the marketing authorization for a COVID-19 Vaccine Product in a pre-filled syringe from the FDA, $25 million upon the transfer of such approval to Sanofi, $25 million upon the transfer of EMA approval of a COVID-19 Vaccine Product in a pre-filled syringe to Sanofi, $50 million upon database lock of an existing Phase 2/3 clinical trial (identifier 2019nCoV-503), $75 million upon the completion of the technology transfer of the Company’s manufacturing process for the COVID-19 Vaccine Products to Sanofi, and up to $350 million in CIC Product-related development and launch milestones. The Company is also eligible to receive development, launch, and sales milestone payments of up to $200 million for each of the first four Adjuvant Products and $210 million for each Adjuvant Product thereafter, and royalty payments on Sanofi’s sales of all such licensed products. In addition, a portion of the technology transfer costs and research and development costs incurred by the Company will be reimbursed by Sanofi in accordance with agreed upon plans and budgets. The Company assessed whether the Sanofi CLA fell within the scope of ASC 808, Collaborative Arrangements (“ASC 808”) based on whether the arrangement involved joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. The Company determined that the Sanofi CLA did not fall within the scope of ASC 808, as the Company does not share in the significant financial risks of Sanofi's development or commercialization activities. The Company then analyzed the arrangement pursuant to the provisions of ASC 606 and determined that the arrangement represents a contract with a customer and is therefore within the scope of ASC 606. The Company identified the following performance obligations in the Sanofi CLA and determined that they were within the scope of ASC 606: delivery of (i) the licenses described above (the COVID-19 Vaccine license, CIC Products license, Other Combination Product license, and Adjuvant Products license) (collectively the “Sanofi CLA Licenses’), (ii) research and development transition services that support further regulatory approval and development of the COVID-19 Vaccine, referred to as the Sanofi Transition Services, and (iii) technology transfer of the existing manufacturing process for the COVID-19 Vaccine Products and Matrix-M™ adjuvant, referred to as the “Sanofi Technology Transfer”. The Company also evaluated whether certain options outlined in the Sanofi Agreement represented material rights that would give rise to a performance obligation and concluded that none of the options convey a material right to Sanofi and therefore are not considered separate performance obligations within the Sanofi CLA. The Sanofi CLA Licenses performance obligations are considered functional intellectual property and distinct from other promises under the contract as Sanofi can benefit from the licenses on their own or together with other readily available resources. Also, the Sanofi Transition Services provide a distinct benefit to Sanofi within the context of the contract, separate from the licenses, as the services could be provided by Sanofi or another third party without the Company’s assistance. The Sanofi Technology Transfer obligation is distinct as Sanofi can benefit from the Sanofi CLA Licenses transferred by the Company at the inception of the agreement with other readily available resources. Therefore, each represents a separate performance obligation within the contract with a customer under the scope of ASC 606 at contract inception. The Company determined the initial transaction price at inception of the Sanofi CLA to be $620.2 million, consisting of (i) fixed consideration (the $500 million upfront nonrefundable fee), (ii) and $120.2 million of variable consideration attributed to a $50.0 million clinical milestone and $70.2 million of estimated cost reimbursement related to Sanofi Transition Services and Sanofi Technology Transfer. Since the clinical milestone allocated to Sanofi Transition Services is entirely within the Company’s control, and the cost reimbursement variable consideration allocated to Sanofi Transition Services and Sanofi Technology Transfer would be recognized as revenue only as the costs are incurred, the Company determined it is not probable that a significant reversal of cumulative revenue would occur. The Company utilized the expected value method to determine the amount of these payments. The Company excluded certain regulatory and technology transfer milestones from the transaction price that were determined to be inherently uncertain of achievement and are highly susceptible to factors outside of the Company’s control. Sales-based royalties and launch milestones are related to the license of the intellectual property rights and the Company will recognize revenue for these in the period when subsequent sales are made or sale-based milestones are achieved pursuant to the sales-based royalty exception under ASC 606. The Company will re-evaluate the transaction price in each reporting period as uncertain events are resolved or other changes in circumstances occur. The Company allocated the fixed consideration (i.e., the $500 million nonrefundable upfront fee) to the performance obligations in the Sanofi CLA based on each performance obligation’s relative standalone selling price, or SSP, as follows: • $386.3 million for the upfront transfer of the licenses; • $110.2 million for Transition Services; and • $3.5 million for Technology Transfer. The SSP for the licenses were determined using an approach that considered discounted, probability-weighted cash flows related to the license transferred. In developing such estimates, the Company applied judgment in determining the forecasted revenues, expected margins, and the discount rate. The SSP for the ongoing Transition Services and Technology Transfer were based on estimates of the associated effort and cost of these services, adjusted for a reasonable gross profit margin that would be expected to be realized under similar contracts. The Company recognized revenue related to the licenses at a point in time upon transfer of the rights and control of the license to Sanofi during the second quarter 2024. The Sanofi Transition Services and Technology Transfer are recognized in revenue over time using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. Revenue recognized related to Sanofi Transition Services and Technology Transfer for the three and six month period ended June 30, 2024 was $6.6 million. The Company’s consolidated balance sheet as of June 30, 2024 includes a deferred revenue balance of $109.2 million ($50.9 million included in Deferred revenue, current portion and $58.3 million included in Deferred revenue, non-current portion) related to Transition Services and Technology Transfer. The Company recognized an asset for $35.0 million of direct costs incurred to obtain the Sanofi CLA. These costs are amortized to expense over the expected period of the benefit in a manner that is consistent with the transfer of the related goods and services in the Sanofi CLA. The Company recognized $27.1 million of amortization expense related to the asset in Selling, general, and administrative expense in the second quarter of 2024. In May 2024, the Company also entered into the Subscription Agreement, pursuant to which the Company sold and issued to Sanofi, in a private placement, 6,880,481 shares of the Company’s common stock, par value $0.01 per share at a price of $10.00 per share for aggregate gross proceeds to the Company of $68.8 million. The opening price of the Company’s common stock on the date of the sale approximated $10.00 per share and therefore all gross proceeds were allocated to stockholders’ deficit. Bill & Melinda Gates Medical Research Institute In May 2023, the Company entered into a three-year agreement with the Bill & Melinda Gates Medical Research Institute to provide the Company’s Matrix-M™ adjuvant for use in preclinical vaccine research. Other Supply Agreements In March 2024, the Company, FUJIFILM Diosynth Biotechnologies UK Limited (“FDBK”), FUJIFILM Diosynth Biotechnologies Texas, LLC (“FDBT”) and FUJIFILM Diosynth Biotechnologies USA, Inc. (“FDBU” and together with FDBK and FDBT, “Fujifilm”) entered into a Confidential Settlement Agreement and Release (the “Settlement Agreement”) to resolve disputes regarding amounts that Fujifilm claimed were due under a prior Confidential Settlement Agreement and Release effective September 30, 2022 (the “CSAR”) by and between the Company and Fujifilm. Under the CSAR, the Company agreed to pay up to $185.0 million to Fujifilm in connection with the cancellation of manufacturing activity at FDBT. The final two quarterly installments due to Fujifilm in 2023 under the CSAR, totaling $68.6 million, were subject to Fujifilm’s obligation to use commercially reasonable efforts to mitigate losses associated with the vacant manufacturing capacity caused by the termination of manufacturing activities at FDBT. In October 2023, the Company sent Fujifilm a notice of breach and refused to pay the final two installments based on its contention that Fujifilm had not used commercially reasonable efforts to mitigate losses and should have offset some portion of the final two payments. In October 2023, Fujifilm filed a demand for arbitration with Judicial Arbitration and Mediation Services (“JAMS”) seeking payment of the full amount (the “Fujifilm Arbitration”). Pursuant to the Settlement Agreement, in March 2024, the Company paid $42.0 million to Fujifilm, the parties agreed to a mutual release of claims arising from, under or otherwise in connection with the CSAR, and Fujifilm agreed to dismiss the Fujifilm Arbitration. This payment is less than amounts previously accrued for and reflected in Research and development expense, and accordingly, the Company recorded a benefit of $26.6 million as Research and development expense during the six months ended June 30, 2024 upon the execution of the Settlement Agreement. The Company continues to assess its manufacturing needs and intends to modify its global manufacturing footprint consistent with its contractual obligations to supply, and anticipated demand for, its COVID-19 Program, and in doing so, recognizes that significant costs may be incurred.

Earnings (Loss) per Share

Earnings (Loss) per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Earnings (Loss) per Share Basic and diluted net income (loss) per share were calculated as follows (in thousands, except per share data): Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net income (loss), basic $ 162,381 $ 58,008 $ 14,831 $ (235,897) Interest on convertible notes 2,608 2,582 — — Net income (loss), dilutive 164,989 60,590 14,831 (235,897) Denominator: Weighted average number of common shares outstanding, basic 148,379 89,362 144,147 87,769 Effect of dilutive securities 17,476 14,703 974 — Weighted average number of common shares outstanding, dilutive 165,855 104,065 145,121 87,769 Net income (loss) per share: Basic $ 1.09 $ 0.65 $ 0.10 $ (2.69) Diluted $ 0.99 $ 0.58 $ 0.10 $ (2.69) Anti-dilutive securities excluded from calculations of diluted net income (loss) per share 4,544 6,791 21,654 23,447

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets that sums to the total of such amounts shown in the consolidated statements of cash flows (in thousands): June 30, 2024 December 31, 2023 Cash and cash equivalents $ 680,162 $ 568,505 Restricted cash, current 10,486 10,424 Restricted cash, non-current (1) 4,910 4,881 Cash, cash equivalents, and restricted cash $ 695,558 $ 583,810 (1) Classified as Other non-current assets as of June 30, 2024 and December 31, 2023, on the consolidated balance sheets.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consisted of the following (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 1,406 $ 6,614 Semi-finished goods 7,587 7,392 Finished goods 179 27,690 Total inventory $ 9,172 $ 41,696

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The Company has one reporting unit, which has a negative carrying amount as of June 30, 2024 and December 31, 2023. The change in the carrying amounts of goodwill for the six months ended June 30, 2024 was as follows (in thousands): Amount Balance at December 31, 2023 $ 127,454 Currency translation adjustments (4,077) Balance at June 30, 2024 $ 123,377

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Total convertible notes payable consisted of the following (in thousands): June 30, 2024 December 31, 2023 5.00% Convertible notes due 2027 $ 175,250 $ 175,250 Unamortized debt issuance costs (6,402) (7,234) Total convertible notes payable $ 168,848 $ 168,016 The effective interest rate of the 2027 Convertible notes is 6.2%. During the six months ended June 30, 2023, the Company repaid the outstanding principal amount of $325.0 million on its 3.75% Convertible notes due in 2023, together with accrued but unpaid interest on the maturity date. The interest expense incurred in connection with the convertible notes payable consisted of the following (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Coupon interest $ 2,192 $ 2,191 $ 4,384 $ 5,397 Amortization of debt issuance costs 416 391 832 900 Total interest expense on convertible notes payable $ 2,608 $ 2,582 $ 5,216 $ 6,297

Stockholders' Deficit

Stockholders' Deficit	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Deficit	Stockholders’ Deficit In August 2023, the Company entered into an At Market Issuance Sales Agreement (the “August 2023 Sales Agreement”), which allows it to issue and sell up to $500 million in gross proceeds of shares of its common stock, and terminated its then-existing At Market Issuance Sales agreement entered in June 2021 (the “June 2021 Sales Agreement”). During the three and six months ended June 30, 2024, the Company sold $12 million shares of its common stock resulting in net proceeds of approximately $188 million, under the August 2023 Sales Agreement. As of June 30, 2024, the remaining balance available under the August 2023 Sales Agreement was approximately $51 million. During the three and six months ended June 30, 2023, the Company sold 7.9 million shares of its common stock under its June 2021 Sales Agreement resulting in net proceeds of approximately $68 million, of which $6 million was included in prepaid expenses and other current assets as of June 30, 2023 and received in cash in July 2023.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Equity Plans In January 2023, the Company established the 2023 Inducement Plan (the “2023 Inducement Plan”), which provides for the granting of share-based awards to individuals who were not previously employees, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with the Company. The Company reserved 1.0 million shares of common stock for grants under the 2023 Inducement Plan. As of June 30, 2024, there were 0.2 million shares available for issuance under the 2023 Inducement Plan. The 2015 Stock Incentive Plan, as amended (“2015 Plan”), was approved at the Company’s annual meeting of stockholders in June 2015. Under the 2015 Plan, equity awards may be granted to officers, directors, employees, and consultants of and advisors to the Company and any present or future subsidiary. The 2015 Plan authorizes the issuance of up to 27.5 million shares of common stock under equity awards granted under the 2015 Plan. All such shares authorized for issuance under the 2015 Plan have been reserved. The 2015 Plan will expire on April 18, 2034. As of June 30, 2024, there were 9.4 million shares available for issuance under the 2015 Plan. The Amended and Restated 2005 Stock Incentive Plan (“2005 Plan”) expired in February 2015 and no new awards may be made under such plan, although awards will continue to be outstanding in accordance with their terms. The 2023 Inducement Plan and the 2015 Plan permit, and the 2005 Plan permitted, the grant of stock options (including incentive stock options), restricted stock, stock appreciation rights (“SARs”), and restricted stock units (“RSUs”). In addition, under the 2023 Inducement Plan and the 2015 Plan, unrestricted stock, stock units, and performance awards may be granted. Stock options and SARs generally have a maximum term of ten years and may be or were granted with an exercise price that is no less than 100% of the fair market value of the Company’s common stock at the time of grant. Grants of share-based awards are generally subject to vesting over periods ranging from one The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of sales $ 1,104 $ 998 $ 1,698 $ 1,516 Research and development 6,177 9,946 11,682 23,804 Selling, general, and administrative 6,818 9,348 12,275 23,619 Total stock-based compensation expense $ 14,099 $ 20,292 $ 25,655 $ 48,939 During the three and six months ended June 30, 2024 and 2023, there was no stock-based compensation expense capitalized into inventory. As of June 30, 2024, there was approximately $73 million of total unrecognized compensation expense related to unvested stock options, SARs, RSUs, and the ESPP. This unrecognized non-cash compensation expense is expected to be recognized over a weighted-average period of approximately one year and will be allocated between cost of sales, research and development, and general and administrative expenses accordingly. This estimate does not include the impact of other possible stock-based awards that may be made during future periods. The aggregate intrinsic value represents the total intrinsic value (the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money stock options and SARs) that would have been received by the holders had all stock option and SAR holders exercised their stock options and SARs on June 30, 2024. This amount is subject to change based on changes to the closing price of the Company's common stock. The aggregate intrinsic value of stock options and SARs exercises and vesting of RSUs for the six months ended June 30, 2024 and 2023 was approximately $8 million and $2 million, respectively. Stock Options and Stock Appreciation Rights The following is a summary of stock options and SARs activity under the 2023 Inducement Plan, 2015 Plan, and 2005 Plan for the six months ended June 30, 2024: 2023 Inducement Plan 2015 Plan 2005 Plan Stock Weighted-Average Stock Weighted-Average Stock Weighted-Average Outstanding at December 31, 2023 422,800 $ 10.67 4,787,042 $ 38.10 58,275 $ 119.79 Granted — — 703,777 7.02 — — Exercised — — (329,354) 8.08 — — Canceled — — (518,519) 46.18 (57,831) 119.88 Outstanding at June 30, 2024 422,800 $ 10.67 4,642,946 $ 34.61 444 $ 108.67 Shares exercisable at June 30, 2024 124,174 $ 11.06 3,076,820 $ 43.67 444 $ 108.67 The fair value of stock options granted under the 2023 Inducement Plan and the 2015 Plan was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended Six Months Ended 2024 2023 2024 2023 Weighted average Black-Scholes fair value of stock options granted $14.13 $6.79 $5.86 $7.24 Risk-free interest rate 4.3% 3.5%-3.9% 4.3% 3.5%-4.0% Dividend yield —% —% —% —% Volatility 121.8% 120.4%-131.3% 114.3%-121.8% 120.4%-140.3% Expected term (in years) 6.3 3.9-6.4 3.9-6.3 3.9-6.4 The total aggregate intrinsic value and weighted-average remaining contractual term of stock options and SARs outstanding under the 2023 Inducement Plan, 2015 Plan and 2005 Plan as of June 30, 2024 was $12.3 million and 7.0 years, respectively. The total aggregate intrinsic value and weighted-average remaining contractual term of stock options and SARs exercisable under the 2023 Inducement Plan, 2015 Plan and 2005 Plan as of June 30, 2024 was $3.7 million and 6.0 years, respectively. Restricted Stock Units The following is a summary of RSU activity for the six months ended June 30, 2024: 2023 Inducement Plan 2015 Plan Number of Per Share Number of Per Share Outstanding and unvested at December 31, 2023 363,990 $ 10.66 3,714,870 $ 19.43 Granted — — 4,441,935 5.57 Vested (102,797) 10.96 (921,832) 24.82 Forfeited — — (605,480) 18.36 Outstanding and unvested at June 30, 2024 261,193 $ 10.55 6,629,493 $ 9.49 Employee Stock Purchase Plan The ESPP was approved at the Company’s annual meeting of stockholders in June 2013. The ESPP currently authorizes an aggregate of 2.2 million shares of common stock to be purchased, and the aggregate number of shares will continue to increase 5% on January 1 of each year up to a maximum of 3.5 million shares. The ESPP allows employees to purchase shares of common stock of the Company at each purchase date through payroll deductions of up to a maximum of 15% of their compensation, at 85% of the lesser of the market price of the shares at the time of purchase or the market price on the beginning date of an option period (or, if later, the date during the option period when the employee was first eligible to participate). As of June 30, 2024, there were 1.2 million shares available for issuance under the ESPP.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company evaluates the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. Significant pieces of objective evidence evaluated by the Company were the cumulative loss incurred over the three-year period ended June 30, 2024 and that the Company has historically generated pretax losses. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. On the basis of this evaluation, as of June 30, 2024, the Company continued to maintain a full valuation allowance against its deferred tax assets, except to the extent Net Operating Losses (“NOLs”) have been used to reduce taxable income. As of June 30, 2024, the Company has $2.3 billion of U.S. Federal NOLs carryforward, and all are subject to limitation in accordance with the 2017 Tax Cuts and Jobs Act (“TCJA”), which limits allowable NOL deductions to 80% of federal taxable income. For the three months ended June 30, 2024 and 2023, the Company recognized $2.2 million and $(0.1) million of federal, state, and foreign income tax expense (benefit), respectively. During the six months ended June 30, 2024 and 2023, the Company recognized $4.5 million and $1.0 million of federal, state, and foreign income tax expense, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters Stockholder Litigation On November 12, 2021, Sothinathan Sinnathurai filed a purported securities class action in the U.S. District Court for the District of Maryland (the “Maryland Court”) against the Company and certain members of senior management, captioned Sothinathan Sinnathurai v. Novavax, Inc., et al., No. 8:21-cv-02910-TDC (the “Sinnathurai Action”). On January 26, 2022, the Maryland Court entered an order designating David Truong, Nuggehalli Balmukund Nandkumar, and Jeffrey Gabbert as co-lead plaintiffs in the Sinnathurai Action. The co-lead plaintiffs filed a consolidated amended complaint on March 11, 2022, alleging that the defendants made certain purportedly false and misleading statements concerning the Company’s ability to manufacture prototype vaccine on a commercial scale and to secure the prototype vaccine’s regulatory approval. The amended complaint defines the purported class as those stockholders who purchased the Company’s securities between February 24, 2021 and October 19, 2021. On April 25, 2022, the defendants filed a motion to dismiss the consolidated amended complaint. On December 12, 2022, the Maryland Court issued a ruling granting in part and denying in part defendants’ motion to dismiss. The Maryland Court dismissed all claims against two individual defendants and claims based on certain public statements challenged in the consolidated amended complaint. The Maryland Court denied the motion to dismiss as to the remaining claims and defendants, and directed the Company and other remaining defendants to answer within fourteen days. On December 27, 2022, the Company filed its answer and affirmative defenses. On March 16, 2023, the plaintiffs filed a motion for class certification and to appoint class representatives and counsel. The Company filed its opposition to the plaintiffs’ motion on September 22, 2023. On December 4, 2023, the parties agreed to a binding settlement in principle (the “Proposed Settlement”) to fully resolve the surviving claims in the Sinnathurai Action. Under the Proposed Settlement’s terms, the Company agreed to pay $47 million into a settlement fund, which will be funded by the Company’s directors and officers’ liability insurance and paid to members of a putative settlement class. On January 12, 2024, after the parties negotiated and executed a written agreement governing the Proposed Settlement, plaintiffs filed an unopposed motion for the Proposed Settlement’s preliminary approval. On January 23, 2024, the Maryland Court granted the motion for preliminary approval and, as requested by the parties, preliminarily certified, for the purposes of settlement only, the settlement class. The court also scheduled a settlement hearing to consider final approval of the settlement for May 23, 2024. Ahead of the May 23 settlement hearing, on April 11, 2024, Plaintiffs filed a motion seeking the Maryland Court’s final approval of the settlement. At the May 23 settlement hearing, the Maryland Court granted final approval of the settlement. The Maryland Court closed the Sinnathurai Action on May 24, 2024. Upon the Maryland Court’s final approval, the Company relieved the $47 million estimated settlement liability within Accrued expenses and the $47 million estimated insurance recovery within Prepaid expenses and other current assets on the consolidated balance sheet. After the Sinnathurai Action was filed, eight derivative lawsuits were filed: (i) Robert E. Meyer v. Stanley C. Erck, et al., No. 8:21-cv-02996-TDC (the “Meyer Action”), (ii) Shui Shing Yung v. Stanley C. Erck, et al., No. 8:21-cv-03248-TDC (the “Yung Action”), (iii) William Kirst, et al. v. Stanley C. Erck, et al., No. C-15-CV-21-000618 (the “Kirst Action”), (iv) Amy Snyder v. Stanley C. Erck, et al., No. 8:22-cv-01415-TDC (the “Snyder Action”), (v) Charles R. Blackburn, et al. v. Stanley C. Erck, et al., No. 1:22-cv-01417-TDC (the “Blackburn Action”), (vi) Diego J. Mesa v. Stanley C. Erck, et al., No. 2022-0770-NAC (the “Mesa Action”), (vii) Sean Acosta v. Stanley C. Erck, et al., No. 2022-1133-NAC (the “Acosta Action”), and (viii) Jared Needelman v. Stanley C. Erck, et al., No. C-15-CV-23-001550 (the “Needelman Action”). The Meyer, Yung, Snyder, and Blackburn Actions were filed in the Maryland Court. The Kirst Action was filed in the Circuit Court for Montgomery County, Maryland, and shortly thereafter removed to the Maryland Court by the defendants. The Needleman Action was also filed in the Circuit Court for Montgomery County, Maryland. The Mesa and Acosta Actions were filed in the Delaware Court of Chancery (the “Delaware Court”). The derivative lawsuits name members of the Company’s board of directors and certain members of senior management as defendants. The Company is deemed a nominal defendant. The plaintiffs assert derivative claims arising out of substantially the same alleged facts and circumstances as the Sinnathurai Action. Collectively, the derivative complaints assert claims for breach of fiduciary duty, insider selling, unjust enrichment, violation of federal securities law, abuse of control, waste, and mismanagement. Plaintiffs seek declaratory and injunctive relief, as well as an award of monetary damages and attorneys’ fees. On February 7, 2022, the Maryland Court entered an order consolidating the Meyer and Yung Actions (the “First Consolidated Derivative Action”). The plaintiffs in the First Consolidated Derivative Action filed their consolidated derivative complaint on April 25, 2022. On May 10, 2022, the Maryland Court entered an order granting the parties’ request to stay all proceedings and deadlines pending the earlier of dismissal or the filing of an answer in the Sinnathurai Action. On June 10, 2022, the Snyder and Blackburn Actions were filed. On October 5, 2022, the Maryland Court entered an order granting a request by the plaintiffs in the First Consolidated Derivative Action and the Snyder and Blackburn Actions to consolidate all three actions and appoint co-lead plaintiffs and co-lead and liaison counsel (the “Second Consolidated Derivative Action”). The co-lead plaintiffs in the Second Consolidated Derivative Action filed a consolidated amended complaint on November 21, 2022. On February 10, 2023, defendants filed a motion to dismiss the Second Consolidated Derivative Action. The plaintiffs filed their opposition to the motion to dismiss on April 11, 2023. Defendants filed their reply brief in further support of their motion to dismiss on May 11, 2023. On August 21, 2023, the court entered an order granting in part and denying in part the motion to dismiss. On September 5, 2023, the Company filed an Answer to the consolidated amended complaint. On September 6, 2023, the court entered an order granting the individual defendants an extension of time to file their answer until November 6, 2023. On October 6, 2023, the Board of Directors of the Company formed a Special Litigation Committee (“SLC”) with full and exclusive power and authority of the Board to, among other things, investigate, review, and analyze the facts and circumstances surrounding the claims asserted in the pending derivative actions, including the claims that remain following the court’s order on the motion to dismiss in the Second Consolidated Derivative Action. On November 7, 2023, the court entered an order granting the parties’ request to stay the Second Consolidated Derivative Action for up to six months from the date of entry of the order, and, on April 15, 2024, the court entered a further order extending the stay until June 6, 2024. On June 7, 2024, the court entered another order extending the stay until August 5, 2024. This includes staying the deadline for the individual defendants to respond to the consolidated amended complaint. On August 5, 2024, the parties agreed to a further 90-day extension to November 4, 2024, which remains subject to court approval. The Kirst Action was filed on December 28, 2021, and the defendants immediately removed the case to the Maryland Court. On July 21, 2022, the Maryland Court issued a memorandum opinion and order remanding the Kirst Action to state court. The plaintiffs filed an amended complaint on December 30, 2022. On January 23, 2023, defendants filed a motion to stay the Kirst action. On February 22, 2023, the parties in the Kirst Action filed for the Court’s approval of a stipulation staying the Kirst Action pending the resolution of defendants’ motion to dismiss in the Second Consolidated Derivative Action. On March 22, 2023, the Court entered the parties’ stipulated stay of the Kirst Action pending resolution of the motion to dismiss in the Second Consolidated Derivative Action. On August 30, 2022, the Mesa Action was filed. On October 3, 2022, the Delaware Court entered an order granting the parties’ request to stay all proceedings and deadlines in the Mesa Action pending the earlier of dismissal of the Sinnathurai Action or the filing of an answer to the operative complaint in the Sinnathurai Action. On January 9, 2023, following the ruling on the motion to dismiss the Sinnathurai Action, the Delaware Court entered an order granting the Mesa Action parties’ request to set a briefing schedule in connection with a motion to stay by defendants. On February 28, 2023, the court granted the defendants’ motion and stayed the Mesa Action pending the entry of a final, non-appealable judgment in the Second Consolidated Derivative Action. On August 31, 2023, the Mesa plaintiffs filed a motion to lift the stay in the Mesa Action. On October 6, 2023, the Company filed an opposition to plaintiff’s motion to lift the stay. Plaintiff filed his reply on October 17, 2023. On December 27, 2023, the parties filed a letter informing the Court that the Second Consolidated Derivative Action had been stayed for a period of six months and asked the Court to stay further proceedings in the Mesa Action until expiration of that stay. On December 7, 2022, the Acosta Action was filed. On February 6, 2023, defendants accepted service of the complaint and summons in the Acosta Action. On March 9, 2023, the court entered an order granting the parties’ request to stay the Acosta Action pending the entry of a final, non-appealable judgment in the Second Consolidated Derivative Action. On October 13, 2023, the parties filed, and the Delaware Court entered, a stipulated order providing that (i) if the Delaware Court declines to lift the stay in the Mesa Action, the Acosta Action will also remain stayed, and (ii) if the Delaware Court lifts the stay in the Mesa Action, the stay in the Acosta Action will also be lifted. On April 17, 2023, the Needelman Action was filed. On July 12, 2023, the parties filed a stipulation and proposed order to stay the Needelman Action pending the Maryland Court’s decision on the motion to dismiss in the Second Consolidated Derivative Action. The court entered that order on July 17, 2023. On November 30, 2023, the court entered an order consolidating the Kirst and Needelman Actions. On December 14, 2023, the parties filed a stipulation (i) extending the plaintiffs’ deadline to file a consolidated complaint until January 29, 2024, and (ii) otherwise staying all other proceedings in the case (including the defendants’ deadline to respond to the consolidated complaint) until February 12, 2024. The stipulation entered by the court instructs the parties to discuss whether the stay should be further extended in light of the then-current status of the SLC’s investigation. On May 3, 2024, the plaintiffs filed a consolidated complaint. On May 14, 2024, the parties filed a stipulation staying the action until June 6, 2024. On July 12, 2024, the court entered an order staying the action until August 5, 2024. The financial impact of the above derivative claims is not reasonably estimable. The Company is also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, the Company does not expect the resolution of these other legal proceedings to have a material adverse effect on its financial position, results of operations, or cash flows.

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring In May 2023, the Company announced a global restructuring and cost reduction plan (the “2023 Restructuring Plan”), which includes a more focused investment in its COVID-19 Vaccine, reduction to its pipeline spending, the continued rationalization of its manufacturing network, a reduction to the Company’s global workforce, as well as the consolidation of facilities and infrastructure. In January 2024, the Company announced further reductions to its global workforce which supplemented the 2023 Restructuring Plan and both are jointly referred to as the “Restructuring Plan.” The Company recorded the following restructuring charge related to the Restructuring Plan in the consolidated statements of operations (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Severance and employee benefit costs $ 1,119 $ 4,643 $ 5,520 $ 4,643 Impairment of assets — 10,081 1,669 10,081 Total Restructuring charge (1) $ 1,119 $ 14,724 $ 7,189 $ 14,724 (1) Restructuring charges of $0.5 million, $0.3 million and $0.3 million are included in Cost of sales, Research and development and Selling, general, and administrative expenses, respectively, in the Consolidated Statements of Operations for the three months ended June 30, 2024. Restructuring charges of $0.5 million, $1.9 million and $4.8 million are included in Cost of sales, Research and development and Selling, general, and administrative expenses, respectively, in the Consolidated Statements of Operations for the six months ended June 30, 2024. Restructuring charges of $0.5 million, $2.7 million and $11.5 million are included in Cost of sales, Research and development and Selling, general, and administrative expenses, respectively, in the Consolidated Statements of Operations for the three and six months ended June 30, 2023 . Severance and employee benefit costs Employees affected by the reduction in force under the Restructuring Plan are entitled to receive severance payments and certain termination benefits. The Company recorded a severance and termination benefit cost in full for employees who were notified of their termination during the reporting period and had no requirements for future service. The Company paid a total of $5.5 million for the severance and employee benefit costs during the six months ended June 30, 2024 and had no remaining liability as of June 30, 2024 or December 31, 2023. Impairment of assets In connection with the Restructuring Plan, the Company evaluated its long-lived assets for impairment including certain leased laboratory and office spaces located in Gaithersburg, Maryland. The Company performed an impairment evaluation for the applicable long-lived assets, which is subject to judgment and actual results may vary from the estimates, resulting in potential future adjustments to amounts recorded. During the six months ended June 30, 2024, the Company recorded an impairment charge of $1.7 million related to the impairment of capitalized internal-use software. During the three and six months ended June 30, 2023 , the Company recorded an impairment charge of $10.1 million related to the impairment of

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In July 2024, Pharmac provided notice of its termination of the New Zealand APA (see Note 5).

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 162,381	$ 58,008	$ 14,831	$ (235,897)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
John C. Jacobs [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		John C. Jacobs, President and Chief Executive Officer
Name	John C. Jacobs
Title	President and Chief Executive Officer and a member of our board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	On May 28, 2024
Expiration Date	April 30, 2025
Arrangement Duration	246 days
Aggregate Available	47,526	47,526
John Trizzino [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		John Trizzino, President and Chief Operating Officer
Name	John Trizzino
Title	President and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	On June 17, 2024
Expiration Date	May 7, 2025
Aggregate Available	218,669	218,669
Filip Dubovsky [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Filip Dubovsky, MD, Former President, Research & Development On May 10, 2024 , Filip Dubovsky, MD, our former President, Research & Development, terminated a Rule 10b5-1 trading plan that he had originally adopted on December 12, 2023. The plan was for the sale of up to 13,365 shares of our common stock. Sales under the plan were scheduled to occur from March 15, 2024 to June 14, 2024.
Name	Filip Dubovsky
Title	MD, our former President
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 10, 2024
Arrangement Duration	233 days
Aggregate Available	13,365	13,365

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The consolidated financial statements are unaudited but include all adjustments (consisting of normal recurring adjustments) that the Company considers necessary for a fair presentation of the financial position, operating results, comprehensive income (loss), changes in stockholders’ deficit, and cash flows for the periods presented. Although the Company believes that the disclosures in these unaudited consolidated financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted under the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The unaudited consolidated financial statements include the accounts of Novavax, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The aggregate foreign currency transaction gains and losses resulting from the conversion of the transaction currency to functional currency were a $1.6 million loss and a $6.7 million loss, and a $0.2 million loss and $16.1 million gain for the three and six months ended June 30, 2024 and 2023, respectively, which are reflected in Other income (expense). The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Results for this or any interim period are not necessarily indicative of results for any future interim period or for the entire year. The Company operates in one business segment.
Liquidity and Going Concern	Liquidity and Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued and contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainty described below. In May 2024, the Company entered into the Sanofi CLA and a securities subscription agreement (the “Subscription Agreement”) with Sanofi as a result of which, the Company received a total of $568.8 million during the second quarter of 2024 (See Note 6). As of June 30, 2024, the Company had $680.2 million in cash and cash equivalents, $369.4 million in marketable securities, and working capital of $45.6 million. During the six months ended June 30, 2024, the Company recognized net income of $14.8 million, and had net cash flows provided by operating activities of $230.7 million. In accordance with Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements - Going Concern , the Company evaluated its ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. Based on the Company’s current cash and cash equivalents and marketable securities balances and its current cash flow forecast for the one-year going concern look forward period, the Company has concluded that it will have sufficient capital available to fund its operations for the one-year period from the date that these financial statements are issued. As of December 31, 2023, the Company had concluded that there was substantial doubt about its ability to continue as a going concern primarily due to significant uncertainty related to its ability to successfully develop, manufacture, distribute, and market its updated vaccine and execute on certain cost-reduction initiatives as described in Note 16. The Sanofi CLA has alleviated the substantial doubt.
Revenue Recognition, Licensing and Transition Services	Revenue Recognition, Licensing and Transition Services The terms of the Company’s third-party licensing agreements may contain multiple performance obligations, including licenses and transition services. The Company evaluates licensing agreements under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) to determine the distinct performance obligations. Prior to recognizing revenue, the Company estimates the transaction price, including variable consideration that is subject to a constraint. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur and when the uncertainty associated with the variable consideration is subsequently resolved. Total consideration may include nonrefundable upfront license fees, transition service fees, other payments based upon the achievement of specified milestones, and royalty payments based on product sales from licensed products. For multiple performance obligation arrangements, the Company allocates the transaction price to each distinct performance obligation based on its relative standalone selling price. The standalone selling price is generally determined for each performance obligation based on the prices charged to customers, discounted cash flows, or using expected cost-plus margin. For standalone selling prices determined using discounted cash flows, the Company considers discounted, probability-weighted cash flows related to the performance obligation transferred. In developing such estimates, the Company applies judgment in determining the forecasted revenue, expected margins, and the discount rate. These estimates are subjective and require the Company to make assumptions about future cash flows. Revenue related to performance obligations satisfied at a point in time is recognized when the customer obtains control of the promised asset. For performance obligations recognized over time, the Company recognizes revenue using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. Under this process, the Company considers the costs that have been incurred to-date, as well as projections to completion using various inputs and assumptions, including, but not limited to, progress towards completion, labor costs and level of effort, material and subcontractor costs, and indirect administrative costs. Estimating the total cost at completion of the Company’s performance obligation under a contract is subjective and requires the Company to make assumptions about future activity and cost drivers. Changes in these estimates can occur for a variety of reasons and may impact the timing of revenue recognition on the Company’s contracts. Changes in estimates related to the process are recognized in the period when such changes are made on a cumulative catch-up basis. The Company has not experienced any material adjustments as a result of changes in estimates arising from this process.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.
Restructuring	Restructuring
Recent Accounting Pronouncements	Recent Accounting Pronouncements Not Yet Adopted In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements (“ASU 2023-06”), to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB ASC with the SEC's regulations. The Company is currently evaluating ASU 2023-06 to determine its impact on the Company's consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). The standard enhances transparency in income tax disclosures by requiring, on an annual basis, certain disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU also requires disaggregated disclosure related to pre-tax income (or loss) and income tax expense (or benefit) and eliminates certain disclosures related to the balance of an entity’s unrecognized tax benefit and the cumulative amount of certain temporary differences. The ASU is effective for the Company beginning on January 1, 2025. The Company is currently evaluating ASU 2023-09 to determine its impact on the Company's disclosures.

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of investments classified as available-for-sale	Marketable securities were classified as available-for-sale as of June 30, 2024 and comprised of (in thousands): June 30, 2024 December 31, 2023 Amortized Gross Gross Fair Value Amortized Gross Gross Fair Value Corporate debt securities $ 369,582 $ — $ (150) $ 369,432 $ — $ — $ — $ — Total marketable securities $ 369,582 $ — $ (150) $ 369,432 $ — $ — $ — $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy	The following table represents the Company’s fair value hierarchy for its financial assets and liabilities (in thousands): Fair Value at June 30, 2024 Fair Value at December 31, 2023 Assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Money market funds (1) $ 188,086 $ — $ — $ 171,824 $ — $ — Government-backed securities (1) — 225,000 — — 200,000 — Treasury securities (1) — — — — 45,622 — Corporate debt securities (2) — 601,466 — — — — Total cash equivalents and marketable securities $ 188,086 $ 826,466 $ — $ 171,824 $ 245,622 $ — Liabilities 5.00% Convertible notes due 2027 $ — $ 217,587 $ — $ — $ 100,909 $ — (1) Classified as cash and cash equivalents as of June 30, 2024 and December 31, 2023, respectively, on the consolidated balance sheets. (2)

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Grants, U.S. Government Contract and Joint Venture [Abstract]
Schedule of Accounts Receivable, Unbilled Services, and Deferred Revenue	During the six months ended June 30, 2024 and 2023, changes in the Company’s accounts receivables, allowance for credit losses, and deferred revenue balances were as follows (in thousands): Balance, Beginning of Period Additions Deductions Balance, End of Period Accounts receivable: Six Months Ended June 30, 2024 $ 304,916 $ 672,326 $ (937,462) $ 39,780 Six Months Ended June 30, 2023 96,210 793,039 (486,684) 402,565 Allowance for credit losses (1) : Six Months Ended June 30, 2024 $ (7,675) $ — $ — $ (7,675) Six Months Ended June 30, 2023 (13,835) — 6,160 (7,675) Deferred revenue: (2) Six Months Ended June 30, 2024 $ 863,520 $ 365,150 $ (28,849) $ 1,199,821 Six Months Ended June 30, 2023 549,551 414,816 (56,957) 907,410 (1) There was no allowance for credit losses recorded during the six months ended June 30, 2024 or 2023. During the six months ended June 30, 2023, there was a $6.2 million reversal of a credit loss allowance due to the collection of a previously recognized allowance for credit losses. To estimate the allowance for credit losses, the Company evaluates the credit risk related to its customers based on historical loss experience, economic conditions, the aging of receivables, and customer-specific risks.
Schedule of Product Revenue	Product sales by the Company’s customer’s geographic location was as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 North America $ 1,607 $ — $ (4,755) $ — Europe 169 1,518 90,586 58,785 Rest of the world 18,128 283,645 16,397 218,921 Total product sales revenue $ 19,904 $ 285,163 $ 102,228 $ 277,706
Schedule of Revenue Gross to Net Deductions Balances	As of June 30, 2024, changes in the Company’s gross-to-net deductions balances were as follows (in thousands): Wholesale Distributor Fees, Discounts, and Chargebacks Product Returns Total Balance as of December 31, 2023 $ 21,072 $ 84,616 $ 105,688 Amounts charged against product sales (1) 15,436 21,302 36,738 Credits/deductions (35,621) (51,331) (86,952) Balance as of June 30, 2024 $ 887 $ 54,587 $ 55,474

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Basic and diluted net income (loss) per share were calculated as follows (in thousands, except per share data): Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net income (loss), basic $ 162,381 $ 58,008 $ 14,831 $ (235,897) Interest on convertible notes 2,608 2,582 — — Net income (loss), dilutive 164,989 60,590 14,831 (235,897) Denominator: Weighted average number of common shares outstanding, basic 148,379 89,362 144,147 87,769 Effect of dilutive securities 17,476 14,703 974 — Weighted average number of common shares outstanding, dilutive 165,855 104,065 145,121 87,769 Net income (loss) per share: Basic $ 1.09 $ 0.65 $ 0.10 $ (2.69) Diluted $ 0.99 $ 0.58 $ 0.10 $ (2.69) Anti-dilutive securities excluded from calculations of diluted net income (loss) per share 4,544 6,791 21,654 23,447

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets that sums to the total of such amounts shown in the consolidated statements of cash flows (in thousands): June 30, 2024 December 31, 2023 Cash and cash equivalents $ 680,162 $ 568,505 Restricted cash, current 10,486 10,424 Restricted cash, non-current (1) 4,910 4,881 Cash, cash equivalents, and restricted cash $ 695,558 $ 583,810 (1) Classified as Other non-current assets as of June 30, 2024 and December 31, 2023, on the consolidated balance sheets.

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 1,406 $ 6,614 Semi-finished goods 7,587 7,392 Finished goods 179 27,690 Total inventory $ 9,172 $ 41,696

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The change in the carrying amounts of goodwill for the six months ended June 30, 2024 was as follows (in thousands): Amount Balance at December 31, 2023 $ 127,454 Currency translation adjustments (4,077) Balance at June 30, 2024 $ 123,377

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Convertible Notes Payable	Total convertible notes payable consisted of the following (in thousands): June 30, 2024 December 31, 2023 5.00% Convertible notes due 2027 $ 175,250 $ 175,250 Unamortized debt issuance costs (6,402) (7,234) Total convertible notes payable $ 168,848 $ 168,016
Schedule of Interest Expense	The interest expense incurred in connection with the convertible notes payable consisted of the following (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Coupon interest $ 2,192 $ 2,191 $ 4,384 $ 5,397 Amortization of debt issuance costs 416 391 832 900 Total interest expense on convertible notes payable $ 2,608 $ 2,582 $ 5,216 $ 6,297

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation expense	The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of sales $ 1,104 $ 998 $ 1,698 $ 1,516 Research and development 6,177 9,946 11,682 23,804 Selling, general, and administrative 6,818 9,348 12,275 23,619 Total stock-based compensation expense $ 14,099 $ 20,292 $ 25,655 $ 48,939
Schedule of Option and Appreciation Rights Activity	The following is a summary of stock options and SARs activity under the 2023 Inducement Plan, 2015 Plan, and 2005 Plan for the six months ended June 30, 2024: 2023 Inducement Plan 2015 Plan 2005 Plan Stock Weighted-Average Stock Weighted-Average Stock Weighted-Average Outstanding at December 31, 2023 422,800 $ 10.67 4,787,042 $ 38.10 58,275 $ 119.79 Granted — — 703,777 7.02 — — Exercised — — (329,354) 8.08 — — Canceled — — (518,519) 46.18 (57,831) 119.88 Outstanding at June 30, 2024 422,800 $ 10.67 4,642,946 $ 34.61 444 $ 108.67 Shares exercisable at June 30, 2024 124,174 $ 11.06 3,076,820 $ 43.67 444 $ 108.67
Schedule of Assumptions Used in Estimation of Fair Value of Stock	The fair value of stock options granted under the 2023 Inducement Plan and the 2015 Plan was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended Six Months Ended 2024 2023 2024 2023 Weighted average Black-Scholes fair value of stock options granted $14.13 $6.79 $5.86 $7.24 Risk-free interest rate 4.3% 3.5%-3.9% 4.3% 3.5%-4.0% Dividend yield —% —% —% —% Volatility 121.8% 120.4%-131.3% 114.3%-121.8% 120.4%-140.3% Expected term (in years) 6.3 3.9-6.4 3.9-6.3 3.9-6.4
Schedule of Share Based Compensation Restricted Stock Awards Activity	The following is a summary of RSU activity for the six months ended June 30, 2024: 2023 Inducement Plan 2015 Plan Number of Per Share Number of Per Share Outstanding and unvested at December 31, 2023 363,990 $ 10.66 3,714,870 $ 19.43 Granted — — 4,441,935 5.57 Vested (102,797) 10.96 (921,832) 24.82 Forfeited — — (605,480) 18.36 Outstanding and unvested at June 30, 2024 261,193 $ 10.55 6,629,493 $ 9.49

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The Company recorded the following restructuring charge related to the Restructuring Plan in the consolidated statements of operations (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Severance and employee benefit costs $ 1,119 $ 4,643 $ 5,520 $ 4,643 Impairment of assets — 10,081 1,669 10,081 Total Restructuring charge (1) $ 1,119 $ 14,724 $ 7,189 $ 14,724 (1) Restructuring charges of $0.5 million, $0.3 million and $0.3 million are included in Cost of sales, Research and development and Selling, general, and administrative expenses, respectively, in the Consolidated Statements of Operations for the three months ended June 30, 2024. Restructuring charges of $0.5 million, $1.9 million and $4.8 million are included in Cost of sales, Research and development and Selling, general, and administrative expenses, respectively, in the Consolidated Statements of Operations for the six months ended June 30, 2024. Restructuring charges of $0.5 million, $2.7 million and $11.5 million are included in Cost of sales, Research and development and Selling, general, and administrative expenses, respectively, in the Consolidated Statements of Operations for the three and six months ended June 30, 2023

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Foreign currency transaction gain (loss)	$ (1,600)	$ (200)	$ (6,700)	$ 16,100
Number of business segments | segment			1
Cash and cash equivalents	680,162		$ 680,162		$ 568,505
Marketable securities	369,432		369,432		$ 0
Working capital	45,600		45,600
Net income (loss)	162,381	$ 58,008	14,831	(235,897)
Net cash provided by (used in) operating activities			$ 230,714	$ (497,531)
Sanofi Pasteur Inc. APA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from collaboration and license agreement	$ 568,800

Marketable Securities (Details)

Marketable Securities (Details) $ in Thousands	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($)
Marketable Securities
Amortized Cost​	$ 369,582	$ 0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(150)	0
Fair Value​	$ 369,432	0
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions | security	0
Corporate debt securities
Marketable Securities
Amortized Cost​	$ 369,582	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(150)	0
Fair Value​	$ 369,432	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents
Assets
Total cash equivalents and marketable securities	$ 232,000
Marketable Securities
Assets
Total cash equivalents and marketable securities	$ 369,400
5.00% Convertible notes due 2027
Liabilities
Debt instrument, interest rate, stated percentage	5%
Level 1
Assets
Total cash equivalents and marketable securities	$ 188,086	$ 171,824
Level 1 | 5.00% Convertible notes due 2027
Liabilities
5.00% Convertible notes due 2027	0	0
Level 1 | Money market funds
Assets
Total cash equivalents and marketable securities	188,086	171,824
Level 1 | Government-backed securities
Assets
Total cash equivalents and marketable securities	0	0
Level 1 | Treasury securities
Assets
Total cash equivalents and marketable securities	0	0
Level 1 | Corporate debt securities
Assets
Total cash equivalents and marketable securities	0	0
Level 2
Assets
Total cash equivalents and marketable securities	826,466	245,622
Level 2 | 5.00% Convertible notes due 2027
Liabilities
5.00% Convertible notes due 2027	217,587	100,909
Level 2 | Money market funds
Assets
Total cash equivalents and marketable securities	0	0
Level 2 | Government-backed securities
Assets
Total cash equivalents and marketable securities	225,000	200,000
Level 2 | Treasury securities
Assets
Total cash equivalents and marketable securities	0	45,622
Level 2 | Corporate debt securities
Assets
Total cash equivalents and marketable securities	601,466	0
Level 3
Assets
Total cash equivalents and marketable securities	0	0
Level 3 | 5.00% Convertible notes due 2027
Liabilities
5.00% Convertible notes due 2027	0	0
Level 3 | Money market funds
Assets
Total cash equivalents and marketable securities	0	0
Level 3 | Government-backed securities
Assets
Total cash equivalents and marketable securities	0	0
Level 3 | Treasury securities
Assets
Total cash equivalents and marketable securities	0	0
Level 3 | Corporate debt securities
Assets
Total cash equivalents and marketable securities	$ 0	$ 0

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 29, 2024	Dec. 04, 2023	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2024	Feb. 16, 2024	Dec. 31, 2022	Sep. 30, 2022
Revenue Recognition
Billed contracts receivable				$ 29,800,000		$ 29,800,000		$ 286,400,000
Unbilled contracts receivable				2,300,000		2,300,000		10,800,000
Amount of transaction price not yet satisfied				2,000,000,000		2,000,000,000
Deferred revenue				1,199,821,000	$ 907,410,000	1,199,821,000	$ 907,410,000	863,520,000			$ 549,551,000
Increase (decrease) in contract with customer, liability						(3,600,000)
Other current liabilities				242,811,000		242,811,000		861,408,000
Other non-current liabilities				335,292,000		335,292,000		33,130,000
Revenues				415,484,000	424,426,000	509,339,000	505,377,000
Current deferred revenue				666,390,000		666,390,000		241,310,000
Noncurrent deferred revenue				533,431,000		533,431,000		622,210,000
Matrix-M Adjuvant Sales
Revenue Recognition
Revenues				2,700,000	2,200,000	10,200,000	3,200,000
Product sales
Revenue Recognition
Deferred revenue				55,474,000		55,474,000		105,688,000
Increase (decrease) in contract with customer, liability						(86,952,000)
Revenues				19,904,000	285,163,000	102,228,000	277,706,000
Product sales | North America
Revenue Recognition
Revenues				1,607,000	$ 0	(4,755,000)	$ 0
Product sales | Accrued Liabilities
Revenue Recognition
Deferred revenue				55,500,000		55,500,000		103,100,000
Product sales | Accounts Receivable
Revenue Recognition
Deferred revenue				0		0		2,600,000
License Fees
Revenue Recognition
Revenues				386,300,000		390,300,000
Transition Services
Revenue Recognition
Revenues				110,200,000
Gavi Advance Purchase Agreement- COVAX Facility
Revenue Recognition
Collaboration agreement upfront payment amount				700,000,000		700,000,000		696,400,000
Settlement Agreement
Revenue Recognition
Litigation settlement, amount awarded to other party	$ 75,000,000	$ 47,000,000
Litigation settlement, expense	$ 80,000,000			400,000,000
Grants receivable				225,000,000		225,000,000				$ 225,000,000
Other current liabilities				90,000,000		90,000,000
Other non-current liabilities				305,000,000		305,000,000
Settlement payment			$ 42,000,000									$ 185,000,000
Settlement Agreement | Accrued Liabilities
Revenue Recognition
Settlement payment								68,600,000
Australian APA
Revenue Recognition
Increase (decrease) in contract with customer, liability			(54,000,000)
Current deferred revenue				119,100,000		119,100,000
Noncurrent deferred revenue				14,700,000		14,700,000
Australian APA | Forecast
Revenue Recognition
Deferred revenue									$ 240,000,000
Australian APA | Accrued Liabilities
Revenue Recognition
Settlement payment			$ 6,000,000
Australian APA | Australia Revenue Agency Member
Revenue Recognition
Current deferred revenue				92,500,000		92,500,000
Customer refund liability, current				225,000,000		225,000,000
Canada APA
Revenue Recognition
Current deferred revenue				452,100,000		452,100,000
Noncurrent deferred revenue				136,100,000		136,100,000
Canada APA | Canada Revenue Agency
Revenue Recognition
Current deferred revenue				28,000,000		28,000,000
Customer refund liability, current				224,000,000		224,000,000
New Zealand, termination of the agreement
Revenue Recognition
Current deferred revenue				31,300,000		31,300,000
New Zealand, termination of the agreement | New zealand Revenue Agency
Revenue Recognition
Customer refund liability, current				125,000,000		125,000,000
Sanofi Pasteur Inc. APA
Revenue Recognition
Collaboration agreement upfront payment amount				500,000,000		500,000,000
Sanofi Pasteur Inc. APA | Transition Services
Revenue Recognition
Current deferred revenue				50,900,000		50,900,000
Noncurrent deferred revenue				58,300,000		58,300,000
Transition services revenue				$ 6,600,000		$ 6,600,000
US Government Partnership
Revenue Recognition
Milestone payment recognized								$ 1,800,000,000

Revenue -Schedule of Accounts R

Revenue -Schedule of Accounts Receivable, Unbilled Services, and Deferred Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts receivable:
Accounts receivable, beginning balance			$ 304,916,000	$ 96,210,000
Additions			672,326,000	793,039,000
Deductions			(937,462,000)	(486,684,000)
Accounts receivable, ending balance	$ 39,780,000	$ 402,565,000	39,780,000	402,565,000
Allowance for doubtful accounts
Allowance for credit losses, beginning balance			(7,675,000)	(13,835,000)
Additions	0	0	0	0
Deductions			0	6,160,000
Allowance for credit losses, end balance	(7,675,000)	(7,675,000)	(7,675,000)	(7,675,000)
Deferred revenue
Deferred revenue, beginning balance			863,520,000	549,551,000
Additions			365,150,000	414,816,000
Deductions			(28,849,000)	(56,957,000)
Deferred revenue, ending balance	1,199,821,000	907,410,000	1,199,821,000	907,410,000
Revenue Recognition
Additions	$ 0	$ 0	0	0
Contract with customer, liability, deductions			28,849,000	56,957,000
Additions			365,150,000	$ 414,816,000
Joint Committee on Vaccination and Immunization (JCVI)
Deferred revenue
Deductions			(2,200,000)
Revenue Recognition
Contract with customer, liability, deductions			$ 2,200,000

Revenue - Schedule of Product R

Revenue - Schedule of Product Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue Recognition
Total revenue	$ 415,484	$ 424,426	$ 509,339	$ 505,377
Reduction in product sales			3,600
Product
Revenue Recognition
Total revenue	19,904	285,163	102,228	277,706
Reduction in product sales			86,952
Product | North America
Revenue Recognition
Total revenue	1,607	0	(4,755)	0
Product | Europe
Revenue Recognition
Total revenue	169	1,518	90,586	58,785
Product | Rest of the world
Revenue Recognition
Total revenue	$ 18,128	$ 283,645	$ 16,397	$ 218,921

Revenue - Schedule of Revenue G

Revenue - Schedule of Revenue Gross to Net Deductions Balances (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning balance		$ 863,520
Amounts charged against product sales	$ 4,000
Credits/deductions		(3,600)
Deferred revenue, ending balance	1,199,821	1,199,821
Product sales
Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning balance		105,688
Amounts charged against product sales		36,738
Credits/deductions		(86,952)
Deferred revenue, ending balance	55,474	55,474
Product sales | Wholesale Distributor Fees, Discounts, and Chargebacks
Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning balance		21,072
Amounts charged against product sales		15,436
Credits/deductions		(35,621)
Deferred revenue, ending balance	887	887
Product sales | Product Returns
Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning balance		84,616
Amounts charged against product sales		21,302
Credits/deductions		(51,331)
Deferred revenue, ending balance	$ 54,587	$ 54,587

Collaboration, License, and S_2

Collaboration, License, and Supply Agreements (Details) $ / shares in Units, $ in Thousands, dose in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	May 10, 2024 USD ($) $ / shares shares	May 31, 2023	Jun. 30, 2024 USD ($) installment $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) installment $ / shares	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 dose
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty period			15 years
Total revenue			$ 415,484	$ 424,426	$ 509,339	$ 505,377
Deferred revenue			109,200		109,200
Contract with customer, liability, current			666,390		666,390			$ 241,310
Contract with customer, liability, noncurrent			$ 533,431		$ 533,431			$ 622,210
Common stock, par value per share (in usd per share) | $ / shares			$ 0.01		$ 0.01			$ 0.01
Net proceeds from sales of common stock					$ 263,272	61,986
Research and development			$ 106,946	$ 219,475	199,625	$ 466,576
License Fees
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue			386,300		390,300
License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue			386,300
Transition Services
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue			110,200
Transfer of Technology
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue			3,500
Takeda Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of doses to be distributed | dose										150
Sanofi Pasteur Inc. APA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received			500,000
Initial transaction price at inception			620,200
Collaboration agreement upfront payment amount			500,000		500,000
collaboration agreement variable consideration			120,200
Sanofi Pasteur Inc. APA | Selling, general, and administrative
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Capitalized contract cost, amortization			27,100
Sanofi Pasteur Inc. APA | Private Placement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares	6,880,481
Common stock, par value per share (in usd per share) | $ / shares	$ 0.01
Share, price per share (in usd per share) | $ / shares	$ 10
Net proceeds from sales of common stock	$ 68,800
Sanofi Pasteur Inc. APA | Licensed COVID-19 Products and Royalty Payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments			700,000
Sanofi Pasteur Inc. APA | Approval of Marketing Authorization for the COVID-19 Vaccine from the FDA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments			175,000
Sanofi Pasteur Inc. APA | Transfer of Approval of Marketing Authorization for the COVID-19 Vaccine from the FDA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments			25,000
Sanofi Pasteur Inc. APA | Transfer of EMA Approval of the COVID-19 Vaccine
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments			25,000
Sanofi Pasteur Inc. APA | Database lock of an Existing Phase 2/3 clinical trial
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments			50,000
Sanofi Pasteur Inc. APA | Completion of the Technology Transfer of the Company’s Manufacturing Process for the COVID-19 Vaccine
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments			75,000
Sanofi Pasteur Inc. APA | CIC Product-Related Development and Launch Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments			350,000
Sanofi Pasteur Inc. APA | First Four Adjuvant Products
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments			200,000
Sanofi Pasteur Inc. APA | Adjuvant Products Thereafter
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments			210,000
Sanofi Pasteur Inc. APA | Transition Services
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transition services revenue			6,600		6,600
Contract with customer, liability, current			50,900		50,900
Contract with customer, liability, noncurrent			58,300		$ 58,300
Sanofi Pasteur Inc. APA | Clinical Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue			50,000
Sanofi Pasteur Inc. APA | Cost reimbursement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue			70,200
Sanofi Pasteur Inc. APA | Product and Service, Other
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Capitalized contract cost, amortization			$ 35,000
Bill & Melinda Gates Medical Research Institute Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, term		3 years
Settlement Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Settlement payment							$ 42,000		$ 185,000
Number of quarterly installment payments | installment			2		2
Research and development					$ 26,600
Settlement Agreement | Accrued Liabilities
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Settlement payment								$ 68,600

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss), basic	$ 162,381	$ 58,008	$ 14,831	$ (235,897)
Interest on convertible notes	2,608	2,582
Net income (loss), dilutive	$ 164,989	$ 60,590	$ 14,831	$ (235,897)
Denominator:
​Weighted average number of common shares outstanding, basic (in shares)	148,379	89,362	144,147	87,769
Effect of dilutive securities (in shares)	17,476	14,703	974	0
​Weighted average number of common shares outstanding, dilutive (in shares)	165,855	104,065	145,121	87,769
Net income (loss) per share:
Basic (in usd per share)	$ 1.09	$ 0.65	$ 0.10	$ (2.69)
Diluted (in usd per share)	$ 0.99	$ 0.58	$ 0.10	$ (2.69)
Anti-dilutive securities excluded from calculations of diluted net income (loss) per share (in shares)	4,544	6,791	21,654	23,447

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 680,162	$ 568,505
Restricted cash, current	10,486	10,424
Restricted cash, non-current	4,910	4,881
Cash, cash equivalents, and restricted cash	$ 695,558	$ 583,810	$ 517,941	$ 1,348,845

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 1,406		$ 1,406		$ 6,614
Semi-finished goods	7,587		7,587		7,392
Finished goods	179		179		27,690
Total inventory	9,172		9,172		$ 41,696
Provision for excess and obsolete inventory	9,700	$ 19,100	18,500	$ 31,500
Firm purchase commitment loss	$ 1,700	700	$ 1,700	8,500
Inventory, firm purchase commitment, recoveries		$ 17,900		$ 18,800

Goodwill - Schedule of Goodwill

Goodwill - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) reporting_unit	Dec. 31, 2023 USD ($) reporting_unit
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting unit | reporting_unit	1	1
Goodwill [Roll Forward]
Beginning balance	$ 127,454
Currency translation adjustments	(4,077)
Ending balance	$ 123,377	$ 127,454

Long-Term Debt -Schedule of Con

Long-Term Debt -Schedule of Convertible Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (6,402)	$ (7,234)
Total convertible notes payable	$ 168,848	168,016
5.00% Convertible notes due 2027
Debt Instrument [Line Items]
Interest rate	5%
5.00% Convertible notes due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount of notes issued	$ 175,250	$ 175,250

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024
5.00% Convertible notes due 2027
Debt Instrument [Line Items]
Interest rate		5%
5.00% Convertible notes due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage		6.20%
Convertible notes due 2023 | Unsecured Debt
Debt Instrument [Line Items]
Repayments of debt	$ 325
Interest rate	3.75%

Long-Term Debt -Schedule of Int

Long-Term Debt -Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Coupon interest	$ 2,192	$ 2,191	$ 4,384	$ 5,397
Amortization of debt issuance costs	416	391	832	900
Total interest expense on convertible notes payable	$ 2,608	$ 2,582	$ 5,216	$ 6,297

Stockholders' Deficit (Details)

Stockholders' Deficit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Aug. 31, 2023
Stockholders' Equity
Common stock, par value per share (in usd per share)		$ 0.01		$ 0.01		$ 0.01
Net proceeds from sales of common stock				$ 263,272	$ 61,986
Sale of common stock under the Sales Agreement not settled at quarter-end				0	$ 5,986
Private Placement | Securities Subscription Arrangement
Stockholders' Equity
Sale of stock, number of shares issued in transaction (in shares)	6,880,481
Common stock, par value per share (in usd per share)	$ 0.01
Share, price per share (in usd per share)	$ 10
Net proceeds from sales of common stock	$ 68,800
Common Stock | August 2023 Sales Agreement
Stockholders' Equity
Authorized amount							$ 500,000
Remaining unissued capital		$ 51,000		$ 51,000
Common Stock | June 2021 Sales Agreement
Stockholders' Equity
Sale of stock, number of shares issued in transaction (in shares)		12,000	7,900	12,000	7,900
Sale of stock, consideration received on transaction			$ 68,000	$ 188,000	$ 68,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jan. 31, 2023	Jun. 30, 2013
Stock-Based Compensation
Unrecognized compensation expense		$ 73		$ 73
Unrecognized compensation expense, recognition period				1 year
Aggregate intrinsic value, stock options and vesting RSA's		8	$ 2	$ 8	$ 2
Aggregate intrinsic value, outstanding (less than)		$ 12.3		$ 12.3
Remaining term, outstanding (in years)				7 years
ESPP
Stock-Based Compensation
Shares available for grant (in shares)		1.2		1.2
Authorized (in shares)		3.5		3.5			2.2
Percentage increase of shares each anniversary		5%		5%
Subscription rate cap		15%		15%
Maximum discount rate				85%
2023 Inducement Plan
Stock-Based Compensation
Shares available for grant (in shares)						1
Number of shares available for issuance (in shares)		0.2		0.2
2015 Plan
Stock-Based Compensation
Number of shares available for issuance (in shares)		9.4		9.4
Authorized (in shares)		27.5		27.5
Term (in years)	10 years
Minimum grant price, percent of common stock fair value	100%
Aggregate intrinsic value, exercisable		$ 3.7		$ 3.7
Remaining term, exercisable (in years)				6 years
2015 Plan | Minimum
Stock-Based Compensation
Vesting period	1 year
2015 Plan | Maximum
Stock-Based Compensation
Vesting period	4 years

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Compensation expense:
Total stock-based compensation expense	$ 14,099	$ 20,292	$ 25,655	$ 48,939
Cost of sales
Compensation expense:
Total stock-based compensation expense	1,104	998	1,698	1,516
Research and development
Compensation expense:
Total stock-based compensation expense	6,177	9,946	11,682	23,804
Selling, general, and administrative
Compensation expense:
Total stock-based compensation expense	$ 6,818	$ 9,348	$ 12,275	$ 23,619

Stock-Based Compensation -Sched

Stock-Based Compensation -Schedule of Assumptions Used in Estimation of Fair Value of Stock (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
2023 Inducement Plan
Stock Options
Outstanding, beginning balance (in shares) | shares	422,800
Granted (in shares) | shares	0
Exercised (in shares) | shares	0
Canceled (in shares) | shares	0
Outstanding, ending balance (in shares) | shares	422,800
Shares exercisable (in shares) | shares	124,174
Weighted-Average Exercise Price
Outstanding, beginning balance (in usd per share) | $ / shares	$ 10.67
Granted (in usd per share) | $ / shares	0
Exercised (in usd per share) | $ / shares	0
Canceled (in usd per share) | $ / shares	0
Outstanding, ending balance (in usd per share) | $ / shares	10.67
Shares exercisable (in usd per share) | $ / shares	$ 11.06
2015 Plan
Stock Options
Outstanding, beginning balance (in shares) | shares	4,787,042
Granted (in shares) | shares	703,777
Exercised (in shares) | shares	(329,354)
Canceled (in shares) | shares	(518,519)
Outstanding, ending balance (in shares) | shares	4,642,946
Shares exercisable (in shares) | shares	3,076,820
Weighted-Average Exercise Price
Outstanding, beginning balance (in usd per share) | $ / shares	$ 38.10
Granted (in usd per share) | $ / shares	7.02
Exercised (in usd per share) | $ / shares	8.08
Canceled (in usd per share) | $ / shares	46.18
Outstanding, ending balance (in usd per share) | $ / shares	34.61
Shares exercisable (in usd per share) | $ / shares	$ 43.67
2005 Plan
Stock Options
Outstanding, beginning balance (in shares) | shares	58,275
Granted (in shares) | shares	0
Exercised (in shares) | shares	0
Canceled (in shares) | shares	(57,831)
Outstanding, ending balance (in shares) | shares	444
Shares exercisable (in shares) | shares	444
Weighted-Average Exercise Price
Outstanding, beginning balance (in usd per share) | $ / shares	$ 119.79
Granted (in usd per share) | $ / shares	0
Exercised (in usd per share) | $ / shares	0
Canceled (in usd per share) | $ / shares	119.88
Outstanding, ending balance (in usd per share) | $ / shares	108.67
Shares exercisable (in usd per share) | $ / shares	$ 108.67

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options and Appreciation Rights, Assumptions (Details) - Stock options - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value
Weighted average Black-Scholes fair value of stop options and SARs granted (in usd per share)	$ 14.13	$ 6.79	$ 5.86	$ 7.24
Risk-free interest rate	4.30%		4.30%
Risk-free interest rate, minimum		3.50%		3.50%
Risk-free interest rate, maximum		3.90%		4%
Dividend yield	0%	0%	0%	0%
Volatility	121.80%
Volatility, minimum		120.40%	114.30%	120.40%
Volatility, maximum		131.30%	121.80%	140.30%
Minimum
Fair Value
Expected term (in years)	6 years 3 months 18 days	3 years 10 months 24 days	3 years 10 months 24 days	3 years 10 months 24 days
Maximum
Fair Value
Expected term (in years)		6 years 4 months 24 days	6 years 3 months 18 days	6 years 4 months 24 days

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Share Based Compensation Restricted Stock Awards Activity (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2024 $ / shares shares
2023 Inducement Plan
Number of Shares
Outstanding and Unvested, beginning balance (in shares) | shares	363,990
Restricted stock units granted (in shares) | shares	0
Restricted stock units vested (in shares) | shares	(102,797)
Restricted stock units forfeited (in shares) | shares	0
Outstanding and Unvested, ending balance (in shares) | shares	261,193
Per Share Weighted- Average Fair Value
Outstanding and Unvested, beginning balance (in usd per share) | $ / shares	$ 10.66
Restricted stock units granted (in usd per share) | $ / shares	0
Restricted stock units vested (in usd per share) | $ / shares	10.96
Restricted stock units forfeited (in usd per share) | $ / shares	0
Outstanding and Unvested, ending balance (in usd per share) | $ / shares	$ 10.55
2015 Plan
Number of Shares
Outstanding and Unvested, beginning balance (in shares) | shares	3,714,870
Restricted stock units granted (in shares) | shares	4,441,935
Restricted stock units vested (in shares) | shares	(921,832)
Restricted stock units forfeited (in shares) | shares	(605,480)
Outstanding and Unvested, ending balance (in shares) | shares	6,629,493
Per Share Weighted- Average Fair Value
Outstanding and Unvested, beginning balance (in usd per share) | $ / shares	$ 19.43
Restricted stock units granted (in usd per share) | $ / shares	5.57
Restricted stock units vested (in usd per share) | $ / shares	24.82
Restricted stock units forfeited (in usd per share) | $ / shares	18.36
Outstanding and Unvested, ending balance (in usd per share) | $ / shares	$ 9.49

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Contingency [Line Items]
Federal, state and local, income tax expense (benefit)	$ 2.2	$ (0.1)	$ 4.5	$ 1
Domestic
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 2,300		$ 2,300

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	Aug. 05, 2024	Feb. 29, 2024 USD ($)	Dec. 04, 2023 USD ($)	Dec. 28, 2022 lawsuit	Dec. 12, 2022 defendant	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Number of defendants | defendant					2
Period to answer					14 days
Loss contingency accrual						$ 47
Number of lawsuits filed | lawsuit				8
Subsequent Events
Loss Contingencies [Line Items]
Loss contingency extension period	90 days
Settlement Agreement
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party		$ 75	$ 47

Restructuring -Schedule of Rest

Restructuring -Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Severance and employee benefit costs	$ 1,119	$ 4,643	$ 5,520	$ 4,643
Impairment of assets	0	10,081	1,669	10,081
Total Restructuring charge	1,119	14,724	7,189	14,724
Research and development
Restructuring Cost and Reserve [Line Items]
Total Restructuring charge	300	2,700	1,900	2,700
Selling, general, and administrative
Restructuring Cost and Reserve [Line Items]
Total Restructuring charge	300	11,500	4,800	11,500
Cost of sales
Restructuring Cost and Reserve [Line Items]
Total Restructuring charge	$ 500	$ 500	$ 500	$ 500

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Payments for severance and employee benefit costs			$ 5,500,000
Severance and employee benefit costs	$ 1,119,000	$ 4,643,000	5,520,000	$ 4,643,000
Impairment of assets	$ 0	10,081,000	1,669,000	$ 10,081,000
Impairment of long-lived assets		$ 5,900,000
Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Severance and employee benefit costs			$ 0