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

NOVAVAX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share information)
(unaudited)

	Three months ended						Nine months ended
	September 30,						September 30,
	2005			2004			2005			2004
Revenues:
Net product sales	$	1,300		$	(664	)	$	3,908		$	4,190
Contract research and development		417			653			1,086			1,899
Milestone and licensing fees		150			––			150			125
Total revenues		1,867			(11	)		5,144			6,214
Operating costs and expenses:
Cost of products sold		1,068			364			5,074			2,128
Research and development		1,161			1,552			3,759			5,828
Selling and marketing		930			8,931			6,832			17,261
General and administrative		1,694			1,901			6,109			5,992
Facility exit costs		107			723			105			723
Gain on sale of product assets		(856	)		––			(856	)		––
Gain on redemption of debt		––			(11,162	)		––			(11,162	)
Total operating costs and expenses		4,104			2,309			21,023			20,770
Loss from operations		(2,237	)		(2,320	)		(15,879	)		(14,556	)
Interest expense, net		(490	)		(337	)		(1,450	)		(1,075	)
Net loss	$	(2,727	)	$	(2,657	)	$	(17,329	)	$	(15,631	)
Basic and diluted loss per share	$	(.06	)	$	(.07	)	$	(.42	)	$	(.43	)
Basic and diluted weighted average number of common shares outstanding		43,469,637			38,577,458			40,873,473			36,040,465

Selected Balance Sheet Data
Cash & cash equivalents	$	6,944
Total current assets		10,704
Working capital		5,996
Total assets		60,546
Convertible Notes		35,000
Total Stockholder’s Equity	$	19,902