Novavax (NVAX) 8-K Results of Operations and Financial Condition

	Three months ended						12-months ended
	31-Dec			31-Dec			31-Dec			31-Dec
	2004			2003			2004			2003
Revenues
Product sales		2207			3701			6397			10209
Contract research
and development		-161			284			1738			1301
Milestone and
licensing fees		0			62			125			275
Total revenues		2046			4047			8260			11785
Operating costs and
expenses:
Cost of sales		1362			674			3490			2057
Research and
development		1539			2347			7369			10058
Selling and
marketing		6327			1714			23588			7790
General and
administrative		2724			2373			8716			7934
Facility exit costs		0						723			0
Gain on redemption of debt		0						(11162	)		0
Total operating
expenses		11952			7108			32724			27839
Loss from operations		(9906	)		(3060	)		(24464	)		(16054	)
Interest expense, net		(451	)		(23	)		(1526	)		(1219	)
Other income		70			0			70			0
Net loss		(10287	)		(3082	)		(25920	)		(17273	)
Basic and diluted
loss per share		($0.26	)		($0.10	)		($0.70	)		($0.58	)
Basic and diluted
weighted average number
of common shares
outstanding		39,553,876			32,342,478			36,926,034			29,852,797
Selected Balance Sheet Data							December 31, 2004			December 31, 2003
Cash & cash equivalents ($)								17,876			27,633
Total current assets								23,937			32,062
Working capital								15,361			27,226
Total assets								77,993			84,159
Convertible notes								35,970			41,100
Total stockholders’ equity								33,281			35,944