NVAX Novavax, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026NVAX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| May 10, 2019 | 1-for-20 | Reverse |
About Novavax, Inc. - Common Stock Company overview from Wikipedia
Novavax, Inc., based in Gaithersburg, Maryland, develops vaccines to counter infectious diseases. The company developed the Novavax COVID-19 vaccine, now commercialized by Sanofi. The company also develops vaccines for influenza, respiratory syncytial virus (RSV), avian flu, shingles, Clostridioides difficile, and malaria.
Novavax develops proprietary immune-stimulating saponin-based immunologic adjuvants at a wholly owned Swedish subsidiary, Novavax AB. One of these, Matrix-M, is used in the Novavax COVID-19 vaccine.
History
The company was founded in 1987.
In June 2013, Novavax acquired Swedish company Isconova AB, renamed Novavax AB, and its Matrix-M adjuvant platform for $30 million.
ResVax
In March 2015, the company completed a Phase I trial for its Ebola vaccine candidate, as well as a phase II study in adults for its respiratory syncytial virus vaccine, which would become ResVax. The ResVax trial was encouraging as it showed significant efficacy against respiratory syncytial virus (RSV) infection, using a nanoparticle-based treatment using a recombinant F lipoprotein or saponin, "extracted from the Quillaja saponaria [or?] Molina bark together with cholesterol and phospholipid." It is aimed at stimulating resistance to RSV infection, targeting both adult and infant populations.
In 2016, the company completed its first phase III trial, the 12,000 adult Resolve trial, for its RSV vaccine, later known as ResVax; it did not reach its goals. This triggered an eighty-five percent dive in the company's stock price. Phase II adult trial results also released in 2016 showed a stimulation of antigenicity, but failure in efficacy. Evaluation of these results suggested that an alternative dosing strategy might lead to success, leading to plans to run new phase II trials. The company's difficulties in 2016 led to a three-part strategy for 2017: cost reduction through restructuring and the termination of 30% of their workforce; pouring more effort into getting ResVax to market; and beginning clinical trials on a Zika virus vaccine.
Alongside the adult studies of ResVax, the vaccine was also in 2016 being tested against infant RSV infection through the route of maternal immunization.
In 2019, late-stage clinical testing of ResVax failed for a second time, which resulted in a major downturn in investor confidence and a seventy percent reduction in capital value for the firm. As a secondary result, the company was forced to conduct a reverse stock split in order to maintain Nasdaq minimum qualification, meaning it was in risk of being delisted.
NanoFlu
NanoFlu is a quadrivalent influenza vaccine, which completed Phase II clinical trials successfully in 2019. In January 2020, it was granted fast track designation by the U.S. Food and Drug Administration (FDA) to move into Phase III trials, which completed in March 2020.
Finance and external sponsorships
Novavax is funded by a mix of private and public investment.
In 2015, Novavax received a US$89 million research grant from the Bill and Melinda Gates Foundation to support the development of a vaccine against RSV for infants via maternal immunization.
In May 2020, Novavax received US$384 million from the Coalition for Epidemic Preparedness Innovations to fund early-stage evaluation in healthy adults of the company's COVID-19 vaccine candidate and to develop resources in preparation for large-scale manufacturing, if the vaccine proves successful. CEPI had already invested $4 million in March.
On 7 July 2020, during the Donald Trump administration, the company was awarded a US$1.6 billion loan from the United States government from Operation Warp Speed program to cover the testing, commercialization and production of a potential coronavirus vaccine in the United States, with a goal of delivering 100 million doses by January 2021.
Novavax announced a $1.2 billion partnership with Sanofi in October 2024, allowing Sanofi to use Novavax’s Matrix-M adjuvant for other products. The partnership allows Novavax to develop its own Covid/influenza combination vaccine, with the rest of their pipeline shifting to preclinical.
Novavax scaled back operations by about $1 billion from 2022 - 2024, with less focus on research and development.
In December 2024, Novavax sold its Czech manufacturing facility to Novo Nordisk for $200 million.
COVID-19 vaccine
Vaccine research and development
In January 2020, Novavax announced development of a vaccine candidate, named NVX-CoV2373, to establish immunity to SARS-CoV-2. NVX-CoV2373 is a protein subunit vaccine that contains the spike protein of the SARS-CoV-2 virus. Novavax's work is in competition for vaccine development among dozens of other companies.
In January 2021, the company released phase III trials showing that it has 89% efficacy against Covid-19, and also provides strong immunity against new variants. It has applied for emergency use in the US and UK but will be distributed in the UK first. As of May 2021, the company does not anticipate that it will file for approval in the UK "until July at the earliest". On 14 June 2021, Novavax announced overall 90.4% efficacy in the Phase 3 US and Mexico trial. Of the total 77 cases of COVID-19 among the trial's volunteers, 14 occurred in the vaccine group, while 63 occurred in the placebo group.
On 22 May 2021, Novavax and Moderna announced a deal with the South Korean government to manufacture their COVID-19 vaccines. The vaccine is also being co-developed (with the Coalition for Epidemic Preparedness Innovations) in India under the brand name Covovax. CEPI granted Novavax up to $399 million to support the development of the candidate vaccine.
On 6 September 2021, Novavax and Takeda Pharmaceutical Company announced that the Government of Japan's Ministry of Health, Labour and Welfare will purchase 150 million doses of Novavax's vaccine candidate TAK-019 pending regulatory approval. The Government of Japan's Ministry of Health, Labour and Welfare signed an agreement with Takeda Pharmaceutical Company for Takeda to manufacture and distribute Novavax's TAK-019 upon regulatory approval.
On 22 December 2021, Novavax confirmed the efficacy of two doses of vaccine against the omicron variant of SARS-CoV-2. The new data suggest that the vaccine provides an immune response against the Omicron variant and other variants of COVID-19. The response of antibodies against omicron is four times lower than the original variant. A third dose of the vaccine given to adults, six months after the first two doses, increased the level of neutralizing antibodies against the omicron variant by 73.5 times, making it more effective in preventing omicron from entering human cells.
The data shows that the 73.5-fold increase in antibody level following a third dose of Novavax vaccine (protein subunit vaccine) was higher than the booster doses of Pfizer and Moderna (mRNA vaccines), which increased the antibody levels 25-fold and 37-fold, respectively.
The Novavax COVID-19 vaccine was approved in the European Union at the end of 2021, and in Canada in February 2022, as the fifth vaccine against COVID-19, following Pfizer/BioNTech, Moderna, Janssen and AstraZeneca.
Authorization and application
On 1 November 2021, Novavax and Serum Institute of India announced that the National Agency of Drug and Food Control of Indonesia, or Badan Peng was Obat dan Makanan (Badan POM), has granted emergency use authorization (EUA) for Novavax' recombinant nanoparticle protein-based COVID-19 vaccine with Matrix-M adjuvant. It will be manufactured by SII in India and marketed by SII in Indonesia under the brand name Covovax.
On 17 December 2021, the World Health Organization (WHO) added Novavax's Covovax vaccine, jointly developed with the Serum Institute of India (SII), to the list of approved coronavirus vaccines for emergency use. The vaccine can then be used in the Covax programme for the supply of vaccines to low and middle income countries. Novavax and SII provide Covax program with 1.1 billion doses of vaccine.
On 20 December 2021, the European Medicines Agency recommended Novavax's Nuvaxovid vaccine for conditional marketing authorisation, which was formally approved by the European Commission, making it the fifth approved COVID-19 vaccine in the European Union after Pfizer/BioNTech, Moderna, Janssen and AstraZeneca.
On 20 January 2022, The Therapeutic Goods Administration (TGA) has granted provisional approval to Biocelect Pty Ltd (on behalf of Novavax Inc) for its COVID-19 vaccine, NUVAXOVID. This is the first protein COVID-19 vaccine to receive regulatory approval in Australia.
On 31 January 2022, Novavax applied to the Federal Drug Administration (FDA) for Emergency Use Authorization (EUA) for NVX-CoV2373, and on 7 June, FDA's panel of outside advisors recommended FDA grant the EUA.
In February 2022, Health Canada authorized Nuvaxovid for the prevention of COVID-19 in adults 18 years of age and older.
On 13 July 2022, the U.S. Food and Drug Administration issued an emergency use authorization (EUA) for the Novavax COVID-19 Vaccine, Adjuvanted for the prevention of COVID-19 caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) in individuals 18 years of age and older.
In July 2023, Novavax announced that it has received full Marketing Authorization from the European Commission for its COVID-19 vaccine, Nuvaxovid (NVX-CoV2373), allowing its use as a primary series in individuals aged 12 and older and as a booster dose in adults aged 18 and older. The authorization establishes a foundation for future regulatory approvals and Novavax plans to seek full approval in the United States and other markets while emphasizing the importance of vaccine choice in public health measures.
In early October 2023, the FDA amended the EUA to include the reformulated Novavax vaccine "updated to include the spike protein from the SARS-CoV-2 Omicron variant lineage XBB.1.5 (2023–2024 formula)" for age 12 and above.
In December 2023, the WHO provided prequalification status to the R21/Matrix-M malaria vaccine developed by the University of Oxford and the Serum Institute of India.
The COVID vaccine targeting the JN.1 strain was authorized for use in the European union in October 2024.
In April 2025, Novavax was still in the process of obtaining full licensure for its COVID-19 vaccine, having submitted a Biologics License Application to the FDA, who requested Novavax complete an additional clinical trial.
In May 2025, Novavax received FDA approval for its COVID-19 vaccine for adults 65 years or over. Nuvaxovid is also indicated for individuals 12 through 64 who have at least one underlying condition that puts them at high risk for severe outcomes from COVID-19.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | NVAX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -7.75Y avg ≈-2.4 | ≈-2.4 | · | · | |
| P/S (TTM) | 4.25Y avg ≈2.7 | ≈2.7 | 25.6 | Undervalued | |
| P/B (MRQ) | -9.05Y avg ≈-8.8 | ≈-8.8 | · | · | |
| Price / Cash Flow | -7.25Y avg ≈2.3 | ≈2.3 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | NVAX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -56.6%5Y avg ≈-46.7% | ≈-46.7% | -701.6% | Top tier | |
| EBITDA Margin | 42.8%5Y avg ≈-43.4% | ≈-43.4% | -701.6% | Top tier | |
| Pretax Margin (TTM) | -59.3%5Y avg ≈-44.9% | ≈-44.9% | -660.8% | Top tier | |
| Net Profit Margin (TTM) | -59.9%5Y avg ≈-45.8% | ≈-45.8% | -660.8% | Top tier | |
| ROA (TTM) | -21.6%5Y avg ≈-23.4% | ≈-23.4% | -19.8% | Top tier | |
| ROE (TTM) | 323.7%5Y avg ≈-787.4% | ≈-787.4% | -58.3% | Weak | |
| ROIC | -352.9%5Y avg ≈71.8% | ≈71.8% | -62.3% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | NVAX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 2.35Y avg ≈1.1 | ≈1.1 | 6.6 | Low liquidity | |
| Quick Ratio | 1.65Y avg ≈0.8 | ≈0.8 | 3.9 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | NVAX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 64.7%5Y avg ≈39.5% | ≈39.5% | · | · | |
| Revenue CAGR 3Y | -17.2%5Y avg ≈-1.9% | ≈-1.9% | · | · | |
| Revenue CAGR 5Y | 18.8% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | NVAX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.85Y avg ≈0.6 | ≈0.6 | 0.3 | Top tier | |
| Inventory Turnover | 7.25Y avg ≈15.9 | ≈15.9 | · | · | |
| Revenue / Employee | ≈$1.5M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 12, 2026 | $-0.32 | $-0.39 | 18.6% |
| March 31, 2026 | May 13, 2026 | $-0.06 | $-0.23 | 74.5% |
| Dec. 31, 2025 | $0.11 | $-0.50 | 122.1% | |
| Sept. 30, 2025 | $-1.25 | $-1.21 | -3.3% | |
| June 30, 2025 | $0.62 | $-0.09 | 827.7% | |
| March 31, 2025 | $2.93 | $0.72 | 306.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.12B | $682M | $984M | $1.98B | $1.15B | $476M | $19M | $34M | $31M | $15M | $36M | $31M | |
| Cost of Revenue | $73M | $203M | $344M | $903M | $0 | $0 | · | · | · | · | · | · | |
| R&D Expense | $342M | $391M | $738M | $1.24B | $2.53B | $747M | $114M | $174M | $168M | $238M | $163M | $94M | |
| SG&A Expense | $157M | $337M | $469M | $489M | $298M | $145M | $34M | $34M | $34M | $47M | $31M | $20M | |
| Operating Expenses | $671M | $931M | $1.55B | $2.63B | $2.83B | $892M | $139M | $208M | $203M | $284M | $193M | $114M | |
| Operating Income | $453M | $-249M | $-567M | $-645M | $-1.69B | $-417M | $-121M | $-174M | $-172M | $-269M | $-157M | $-84M | |
| Interest Expense | · | · | $14M | $20M | $21M | $15M | $14M | $14M | $14M | $13M | $241.0K | $157.0K | |
| Interest Income | $30M | $37M | $20M | · | · | · | · | · | · | · | · | · | |
| Other Non-op | $41M | $40M | $38M | $11M | $-7M | $14M | $-13.0K | $108.0K | $67.0K | $-31.0K | $-120.0K | $0 | |
| Pretax Income | $442M | $-177M | $-543M | $-654M | $-1.71B | $-418M | $-133M | · | · | · | $-157M | $-83M | |
| Income Tax | $2M | $11M | $2M | $4M | $29M | $0 | $0 | · | · | · | $0 | $0 | |
| Net Income | $440M | $-187M | $-545M | $-658M | $-1.74B | $-418M | $-133M | $-185M | $-184M | $-280M | $-157M | $-83M | |
| EPS (Basic) | $2.72 | $-1.23 | $-5.41 | $-8.42 | $-23.44 | $-7.27 | $-5.51 | · | · | · | · | · | |
| EPS (Diluted) | $2.58 | $-1.23 | $-5.41 | $-8.42 | $-23.44 | $-7.27 | $-5.51 | · | · | · | · | · | |
| Shares (Basic) | 161,991,000 | 152,190,000 | 100,768,000 | 78,183,000 | 74,400,000 | 57,554,000 | 24,100,000 | · | · | · | · | · | |
| Shares (Diluted) | 173,103,000 | 152,190,000 | 100,768,000 | 78,183,000 | 74,400,000 | 57,554,000 | 24,100,000 | · | · | · | · | · | |
| EBITDA | $481M | $-201M | $-526M | $-616M | $-1.67B | · | · | · | $-164M | $-261M | $-151M | $-79M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $241M | $530M | $569M | $1.34B | $1.52B | $553M | $79M | $70M | $106M | $144M | $93M | $32M | |
| Short-term Investments | $494M | $393M | $0 | · | $0 | $158M | $0 | $22M | $51M | $91M | $138M | $136M | |
| Receivables | · | · | · | · | $455M | $262M | $8M | · | · | $233.0K | $2M | $8M | |
| Inventory | $12M | $9M | $42M | $37M | $9M | · | · | · | · | · | · | · | |
| Prepaid Expense | $27M | $78M | $226M | $237M | $165M | $181M | $8M | $16M | $18M | $22M | $19M | $9M | |
| Other Current Assets | $10M | $22M | $156M | $76M | $45M | $10M | $4M | $4M | $5M | $6M | $6M | $2M | |
| Current Assets | $978M | $1.13B | $1.14B | $1.70B | $2.16B | $1.25B | $97M | $119M | $203M | $288M | $287M | $188M | |
| PP&E (Net) | $45M | $138M | $306M | $294M | $226M | $180M | $11M | $28M | $36M | $40M | $32M | $20M | |
| PP&E (Gross) | $85M | $188M | $381M | $342M | $252M | $198M | $24M | $64M | $65M | $62M | $48M | $31M | |
| Accum. Depreciation | $41M | $49M | $75M | $47M | $26M | $18M | $13M | $36M | $29M | $22M | $16M | $11M | |
| Goodwill | $113M | $107M | $127M | $126M | $131M | $135M | $51M | $52M | $54M | $52M | $53M | $55M | |
| Intangibles | · | · | · | · | $5M | $6M | $6M | $7M | $8M | $9M | $11M | $13M | |
| Other Non-current Assets | $17M | $24M | $35M | $28M | $24M | $13M | $7M | $810.0K | $869.0K | $799.0K | $159.0K | $918.0K | |
| Total Assets | $1.18B | $1.56B | $1.80B | $2.26B | $2.58B | $1.58B | $173M | $208M | $302M | $394M | $386M | $276M | |
| Accounts Payable | $25M | $42M | $133M | $217M | $127M | $54M | $3M | $9M | $6M | $6M | $12M | $13M | |
| Accrued Liabilities | $107M | $211M | $395M | $591M | $674M | $137M | $15M | $20M | $30M | $25M | $27M | $19M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | $0 | $395.0K | $603.0K | |
| Current Liabilities | $460M | $1.15B | $1.64B | $2.46B | $2.39B | $580M | $26M | $46M | $74M | $66M | $76M | $34M | |
| Capital Leases | $19M | $23M | $29M | $50M | $39M | $10M | · | · | · | · | · | · | |
| Other Non-current Liabilities | $239M | $360M | $33M | $56M | $42M | $13M | $13M | $9M | $10M | $15M | $13M | $2M | |
| Total Liabilities | $1.30B | $2.18B | $2.51B | $2.89B | $2.93B | $955M | $359M | $376M | $404M | $400M | $93M | $46M | |
| Long-term Debt | $244M | · | · | · | · | · | · | · | · | · | · | · | |
| Total Debt | · | · | · | · | · | · | · | · | · | $0 | $395.0K | $603.0K | |
| Common Stock | $2M | $2M | $1M | $868.0K | $764.0K | $714.0K | $324.0K | $192.0K | $3M | $3M | $3M | $2M | |
| Paid-in Capital | $4.54B | $4.50B | $4.19B | $3.74B | $3.35B | $2.54B | $1.26B | $1.14B | $1.02B | $936M | $952M | $729M | |
| Retained Earnings | $-4.57B | $-5.01B | $-4.82B | $-4.28B | $-3.62B | $-1.87B | $-1.43B | $-1.30B | $-1.11B | $-930M | $-650M | $-493M | |
| Treasury Stock | $103M | $96M | $92M | $91M | $85M | $42M | $3M | $2M | $2M | $2M | $2M | $2M | |
| AOCI | $2M | $-23M | $3M | $-6M | $-1M | $7M | $-13M | $-11M | $-9M | $-12M | $-9M | $-7M | |
| Stockholders' Equity | $-128M | $-624M | $-717M | $-634M | $-352M | $627M | $-186M | $-168M | $-102M | $-6M | $293M | $230M | |
| Liabilities + Equity | $1.18B | $1.56B | $1.80B | $2.26B | $2.58B | $1.58B | $173M | $208M | $302M | $394M | $386M | $276M | |
| Shares Outstanding | 162,575,937 | 161,942,677 | 140,506,093 | 86,806,554 | 76,433,151 | 71,350,365 | 32,352,416 | 19,222,410 | 323,229,390 | 271,245,967 | 269,971,232 | 238,831,864 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $28M | $48M | $41M | $29M | $13M | $4M | $5M | $7M | $8M | $8M | $5M | $4M | |
| Stock-based Comp | $36M | $48M | $85M | $130M | $184M | $128M | $17M | $18M | $20M | $19M | $13M | $6M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Amort. of Intangibles | · | · | · | · | $400.0K | $600.0K | $700.0K | $700.0K | $2M | $800.0K | $900.0K | $1M | |
| Restructuring | · | · | $15M | $0 | · | · | · | · | · | · | · | · | |
| Other Non-cash | $-749M | $4M | $-295M | $83M | $1.87B | · | · | · | $18M | $-3M | $11M | $5M | |
| Operating Cash Flow | $-245M | $-87M | $-714M | $-416M | $323M | $-43M | $-137M | $-185M | $-144M | $-259M | $-126M | $-67M | |
| CapEx | · | · | · | · | $57M | $55M | $2M | $1M | $4M | $18M | $18M | $7M | |
| Investing Cash Flow | $-78M | $-204M | $-59M | $-93M | $100M | $-378M | $38M | $29M | $36M | $28M | $-21M | · | |
| Stock Issued | $0 | $263M | $360M | $249M | $565M | $876M | $97M | $100M | $63M | $0 | $204M | $108M | |
| Net Stock Activity | $0 | $263M | $360M | $249M | $565M | · | · | · | $63M | $0 | $204M | $108M | |
| Financing Cash Flow | $28M | $261M | $4M | $325M | $462M | $985M | $98M | $103M | $65M | $280M | $208M | · | |
| Net Change in Cash | $-289M | $-39M | $-765M | $-179M | $880M | $567M | $221.0K | $-53M | $-44M | $49M | $61M | $-87M | |
| Taxes Paid | $9M | $949.0K | $190.0K | $18M | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | · | · | · | $265M | · | · | · | $-143M | $-274M | $-144M | $-74M | |
| Levered FCF | · | · | · | · | $244M | · | · | · | · | · | $-145M | $-74M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 40.3% | -36.5% | -57.6% | -32.5% | -147.1% | · | · | · | -550.8% | -1752.8% | -433.8% | -273.0% | |
| Net Margin | 39.2% | -27.5% | -55.4% | -33.2% | -152.1% | · | · | · | -589.5% | -1823.5% | -432.9% | -270.5% | |
| Pretax Margin | 39.4% | -25.9% | -55.2% | -33.0% | -149.6% | · | · | · | · | · | -432.9% | -270.5% | |
| EBITDA Margin | 42.8% | -29.5% | -53.4% | -31.1% | -146.0% | · | · | · | -526.4% | -1697.5% | -417.2% | -258.6% | |
| ROA | 32.2% | -11.2% | -26.9% | -27.2% | -83.9% | · | · | · | -52.8% | -71.8% | -47.4% | -32.5% | |
| ROE | -977.1% | 32.6% | 78.1% | 109.7% | -3180.2% | · | · | · | 342.6% | -195.0% | -60.1% | -38.3% | |
| ROIC | -352.9% | 42.4% | 79.3% | 102.4% | 487.8% | · | · | · | · | · | -53.6% | -36.4% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.1 | 1.0 | 0.7 | 0.7 | 0.9 | · | · | · | 2.8 | 4.3 | 3.8 | 5.5 | |
| Quick Ratio | 1.6 | 0.8 | 0.3 | 0.5 | 0.8 | · | · | · | 2.1 | 3.5 | 3.0 | 5.1 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | 0.0 | 0.0 | 0.0 | |
| Interest Coverage | · | · | -39.3 | -32.4 | -79.8 | · | · | · | -12.2 | -20.8 | -652.4 | -533.1 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.4 | 0.5 | 0.8 | 0.6 | · | · | · | 0.1 | 0.0 | 0.1 | 0.1 | |
| Inventory Turnover | 7.2 | 8.0 | 8.8 | 39.6 | · | · | · | · | · | · | · | · | |
| Receivables Turnover | · | · | · | · | 3.2 | · | · | · | · | 12.0 | 8.1 | 6.5 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-0.79 | $-3.89 | $-5.14 | $-7.37 | $-4.64 | · | · | · | $-0.31 | $-0.02 | $1.08 | $0.96 | |
| Revenue / Share | $6.49 | $4.48 | $9.76 | $25.35 | $15.41 | · | · | · | · | · | · | · | |
| Cash Flow / Share | $-1.41 | $-0.57 | $-7.09 | $-5.32 | $4.34 | · | · | · | · | · | · | · | |
| Cash / Share | $1.48 | $3.31 | $4.08 | $15.54 | $19.98 | · | · | · | $0.33 | $0.53 | $0.34 | $0.14 | |
| EPS (TTM) | $2.58 | $-1.23 | $-5.41 | $-8.42 | $-23.44 | $-7.27 | $-5.51 | · | · | · | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 64.7% | -30.6% | -50.4% | 72.9% | 141.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -17.2% | -15.9% | 27.4% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 18.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.12B | $682M | $984M | $1.98B | $1.15B | $476M | $19M | $34M | $31M | $15M | $36M | $31M | |
| Net Income TTM | $440M | $-187M | $-545M | $-658M | $-1.74B | $-418M | $-133M | $-185M | $-184M | $-280M | $-157M | $-83M | |
| Market Cap | $1.09B | $1.29B | $670M | $884M | $10.85B | · | · | · | $8.02B | $6.84B | $45.30B | $28.33B | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | $6.60B | $45.07B | $28.16B | |
| P/E | 2.6 | -6.5 | -0.9 | -1.2 | -6.1 | -15.3 | -0.7 | · | · | · | · | · | |
| P/S | 1.0 | 1.9 | 0.7 | 0.4 | 9.5 | · | · | · | 257.1 | 445.2 | 1249.7 | 923.9 | |
| P/B | -8.6 | -2.1 | -0.9 | -1.4 | -30.9 | · | · | · | -78.8 | -1232.5 | 154.8 | 123.4 | |
| P / Tangible Book | · | · | · | · | · | 16.3 | · | · | · | · | · | · | |
| P / Cash Flow | -4.5 | -14.8 | -0.9 | -2.1 | 33.6 | · | · | · | -57.8 | -26.8 | -359.3 | -422.7 | |
| P / FCF | · | · | · | · | 40.9 | · | · | · | -56.1 | -25.0 | -313.8 | -381.3 | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | -25.3 | -298.0 | -355.1 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | -24.1 | -312.2 | -379.1 | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | 429.9 | 1243.3 | 918.4 | |
| Earnings Yield | 38.4% | -15.3% | -112.7% | -81.9% | -16.4% | -6.5% | -138.4% | · | · | · | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $57M | $140M | $147M | $70M | $239M | $667M | $88M | $85M | $415M | $94M | $291M | $187M | $424M | $81M | $357M | $735M | |
| Cost of Revenue | $14M | $31M | $22M | $21M | $15M | $14M | $37M | $61M | $46M | $59M | $155M | $99M | $56M | $34M | $182M | $435M | |
| R&D Expense | $71M | $95M | $76M | $98M | $79M | $89M | $104M | $87M | $107M | $93M | $165M | $106M | $219M | $247M | $258M | $304M | |
| SG&A Expense | $27M | $29M | $34M | $32M | $44M | $48M | $78M | $71M | $101M | $87M | $155M | $107M | $94M | $113M | $162M | $123M | |
| Operating Expenses | $112M | $155M | $133M | $248M | $138M | $151M | $219M | $219M | $254M | $239M | $475M | $313M | $369M | $394M | $601M | $862M | |
| Operating Income | $-55M | $-15M | $14M | $-178M | $101M | $516M | $-131M | $-134M | $161M | $-145M | $-184M | $-126M | $55M | $-313M | $-244M | $-127M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $4M | · | $3M | $3M | $4M | · | $4M | |
| Interest Income | $7M | $7M | $7M | $7M | $7M | $8M | $9M | $12M | $9M | · | · | · | · | · | · | · | |
| Other Non-op | $9M | $12M | $9M | $9M | $12M | $10M | $13M | $16M | $8M | $4M | $11M | $-3M | $6M | $24M | $64M | $-35M | |
| Pretax Income | $-52M | $-9M | $18M | $-203M | $107M | $520M | $-74M | $-122M | $165M | $-145M | $-177M | $-131M | $58M | $-293M | $-185M | $-166M | |
| Income Tax | $2M | $985.0K | $376.0K | $-657.0K | $946.0K | $1M | $7M | $-1M | $2M | $2M | $2M | $-697.0K | $-143.0K | $1M | $-2M | $2M | |
| Net Income | $-53M | $-9M | $18M | $-202M | $107M | $519M | $-81M | $-121M | $162M | $-148M | $-178M | $-131M | $58M | $-294M | $-182M | $-169M | |
| EPS (Basic) | $-0.32 | $-0.06 | $0.09 | $-1.25 | $0.66 | $3.22 | $-0.51 | $-0.76 | $1.09 | $-1.05 | $-1.39 | $-1.26 | $0.65 | $-3.41 | $-2.40 | $-2.15 | |
| EPS (Diluted) | $-0.32 | $-0.06 | $0.28 | $-1.25 | $0.62 | $2.93 | $-0.41 | $-0.76 | $0.99 | $-1.05 | $-1.32 | $-1.26 | $0.58 | $-3.41 | $-2.30 | $-2.15 | |
| Shares (Basic) | 164,574,000 | 163,276,000 | · | 162,353,000 | 162,019,000 | 161,049,000 | · | 160,049,000 | 148,379,000 | 139,916,000 | · | 103,429,000 | 89,362,000 | 86,158,000 | · | 78,274,000 | |
| Shares (Diluted) | 164,574,000 | 163,276,000 | · | 162,353,000 | 177,215,000 | 177,625,000 | · | 160,049,000 | 165,855,000 | 139,916,000 | · | 103,429,000 | 104,065,000 | 86,158,000 | · | 78,274,000 | |
| EBITDA | $-55M | $-15M | · | $-178M | $101M | $516M | · | $-134M | $161M | $-145M | · | $-126M | $55M | $-313M | · | $-127M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $191M | $228M | $241M | $268M | $254M | $263M | $530M | $574M | $680M | $481M | $569M | $651M | $506M | $625M | $1.34B | $1.28B | |
| Short-term Investments | $528M | $562M | $494M | $495M | $359M | $468M | $393M | $336M | $369M | · | · | · | · | · | · | · | |
| Receivables | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $112M | |
| Inventory | $10M | $11M | $12M | $14M | $10M | $10M | $9M | $9M | $9M | $16M | · | $70M | $23M | $34M | · | $82M | |
| Prepaid Expense | $23M | $26M | $27M | $46M | $60M | $71M | $78M | $80M | $102M | $199M | · | $152M | $193M | $189M | · | $275M | |
| Other Current Assets | · | · | $10M | · | · | · | $22M | · | · | · | · | · | · | · | · | · | |
| Current Assets | $771M | $851M | $978M | $975M | $920M | $868M | $1.13B | $1.10B | $1.20B | $727M | · | $1.01B | $1.13B | $971M | · | $1.76B | |
| PP&E (Net) | $38M | $42M | $45M | $49M | $130M | $134M | $138M | $286M | $289M | $291M | · | $301M | $300M | $307M | · | $256M | |
| PP&E (Gross) | · | · | $85M | · | · | · | $188M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $41M | · | · | · | $49M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $113M | $113M | $113M | $113M | $113M | $112M | $107M | $127M | $123M | $123M | $127M | $124M | $128M | $130M | $126M | $118M | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $8M | |
| Other Non-current Assets | $14M | $16M | $17M | $19M | $21M | $22M | $24M | $31M | $34M | $31M | · | $35M | $33M | $31M | · | $17M | |
| Total Assets | $956M | $1.04B | $1.18B | $1.18B | $1.34B | $1.29B | $1.56B | $1.71B | $1.82B | $1.35B | · | $1.66B | $1.69B | $1.54B | · | $2.27B | |
| Accounts Payable | $23M | $16M | $25M | $15M | $51M | $34M | $42M | $58M | $80M | $58M | · | $102M | $87M | $125M | · | $145M | |
| Accrued Liabilities | $81M | $103M | $107M | $116M | $87M | $132M | $211M | $219M | $159M | $257M | · | $311M | $458M | $519M | · | $551M | |
| Current Liabilities | $331M | $342M | $460M | $430M | $389M | $422M | $1.15B | $1.18B | $1.16B | $804M | · | $1.47B | $1.60B | $1.92B | · | $1.67B | |
| Capital Leases | · | · | $19M | · | · | · | $23M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $166M | $193M | $239M | $263M | $288M | $314M | $360M | $319M | $335M | $352M | · | $37M | $38M | $48M | · | $99M | |
| Total Liabilities | $1.15B | $1.19B | $1.30B | $1.34B | $1.30B | $1.37B | $2.18B | $2.24B | $2.25B | $2.22B | · | $2.34B | $2.44B | $2.44B | · | $2.83B | |
| Long-term Debt | $291M | $291M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | · | $1M | $952.0K | $871.0K | · | $792.0K | |
| Paid-in Capital | $4.56B | $4.55B | $4.54B | $4.53B | $4.52B | $4.51B | $4.50B | $4.49B | $4.48B | $4.20B | · | $4.07B | $3.86B | $3.77B | · | $3.64B | |
| Retained Earnings | $-4.63B | $-4.58B | $-4.57B | $-4.59B | $-4.38B | $-4.49B | $-5.01B | $-4.93B | $-4.81B | $-4.97B | · | $-4.64B | $-4.51B | $-4.57B | · | $-4.09B | |
| Treasury Stock | $112M | $112M | $103M | $103M | $102M | $102M | $96M | $95M | $94M | $94M | · | $92M | $91M | $91M | · | $90M | |
| AOCI | $-7M | $-5M | $2M | $-2M | $-458.0K | $2M | $-23M | $4M | $-11M | $-11M | · | $-12M | $-8M | $-3M | · | $-24M | |
| Stockholders' Equity | $-191M | $-145M | $-128M | $-157M | $38M | $-76M | $-624M | $-526M | $-432M | $-867M | $-717M | $-678M | $-755M | $-896M | $-634M | $-566M | |
| Liabilities + Equity | $956M | $1.04B | $1.18B | $1.18B | $1.34B | $1.29B | $1.56B | $1.71B | $1.82B | $1.35B | · | $1.66B | $1.69B | $1.54B | · | $2.27B | |
| Shares Outstanding | 164,815,529 | 164,422,575 | 162,575,937 | 162,470,138 | 162,155,109 | 161,957,868 | 160,421,136 | 160,148,088 | 159,891,014 | 140,373,255 | 140,506,093 | 118,730,398 | 94,308,379 | 86,291,473 | 86,806,554 | 78,476,814 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $3M | $3M | $5M | $7M | $8M | $8M | $13M | $13M | $11M | $12M | $11M | $11M | $10M | $9M | $7M | $8M | |
| Stock-based Comp | $8M | $8M | $8M | $9M | $9M | $10M | $10M | $12M | $14M | $12M | $16M | $21M | $20M | $29M | $28M | $32M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $400.0K | |
| Restructuring | · | · | · | · | · | $500.0K | · | · | $1M | $6M | · | $-140.0K | $15M | · | · | · | |
| Operating Cash Flow | $-73M | $-32M | $-39M | $108M | $-127M | $-186M | $-173M | $-145M | $314M | $-84M | $-177M | $-40M | $-172M | $-326M | $-118M | $-39M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $25M | |
| Investing Cash Flow | $35M | $-28M | $20M | $-137M | $111M | $-73M | $144M | $32M | $-373M | $-7M | $-9M | $-18M | $-8M | $-24M | $-22M | $-30M | |
| Stock Issued | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $256M | $7M | $103M | $195M | $62M | $0 | $70M | $0 | |
| Net Stock Activity | · | · | · | · | · | $0 | · | · | · | $7M | · | · | · | $0 | · | · | |
| Financing Cash Flow | $1M | $38M | $-7M | $42M | $-1M | $-7M | $-3M | $-97.0K | $258M | $6M | $100M | $197M | $61M | $-354M | $191M | $-31M | |
| Net Change in Cash | $-37M | $-23M | $-27M | $14M | $-9M | $-267M | $-43M | $-107M | $200M | $-88M | $-83M | $148M | $-119M | $-712M | $56M | $-94M | |
| Taxes Paid | $985.0K | $2M | $6.0K | $4M | $3M | $1M | $308.0K | $1M | $-578.0K | $-71.0K | $62.0K | $0 | $128.0K | $0 | $137.0K | $65.0K |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -96.8% | -11.1% | · | -252.7% | 42.2% | 77.3% | · | -158.6% | 38.8% | -154.3% | · | -67.2% | 13.1% | -386.4% | · | -17.3% | |
| Net Margin | -94.2% | -6.8% | · | -287.3% | 44.5% | 77.8% | · | -143.5% | 39.1% | -157.2% | · | -69.9% | 13.7% | -363.1% | · | -22.9% | |
| Pretax Margin | -91.1% | -6.1% | · | -288.2% | 44.9% | 78.0% | · | -144.8% | 39.6% | -154.8% | · | -70.3% | 13.6% | -361.6% | · | -22.6% | |
| EBITDA Margin | -96.8% | -11.1% | · | -252.7% | 42.2% | 77.3% | · | -158.6% | 38.8% | -154.3% | · | -67.2% | 13.1% | -386.4% | · | -17.3% | |
| ROA | -4.7% | -0.81% | · | -14.0% | 6.8% | 39.2% | · | -7.2% | 9.3% | -10.2% | · | -6.7% | 2.7% | -13.4% | · | -7.0% | |
| ROE | 69.8% | 8.6% | · | 59.2% | -54.0% | -110.0% | · | 20.1% | -27.4% | 16.7% | · | 21.0% | -9.9% | 70.8% | · | 322.2% | |
| ROIC | 29.7% | 11.9% | · | 113.3% | 266.3% | -679.9% | · | 25.2% | -36.8% | 17.0% | · | 18.4% | -7.4% | 35.1% | · | 22.8% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.3 | 2.5 | · | 2.3 | 2.4 | 2.1 | · | 0.9 | 1.0 | 0.9 | · | 0.7 | 0.7 | 0.5 | · | 1.1 | |
| Quick Ratio | 2.2 | 2.3 | · | 1.8 | 1.6 | 1.7 | · | 0.8 | 0.9 | 0.6 | · | 0.4 | 0.3 | 0.3 | · | 0.8 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -35.2 | · | -43.9 | 17.8 | -72.5 | · | -30.5 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | · | 0.0 | 0.2 | 0.5 | · | 0.1 | 0.2 | 0.1 | · | 0.1 | 0.2 | 0.0 | · | 0.3 | |
| Inventory Turnover | 1.4 | 2.8 | · | 1.9 | 1.6 | 1.1 | · | 1.5 | 2.8 | 2.4 | · | 1.3 | 0.4 | 0.5 | · | 10.5 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 7.9 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-1.16 | $-0.88 | · | $-0.96 | $0.23 | $-0.47 | · | $-3.29 | $-2.70 | $-6.18 | · | $-5.71 | $-8.00 | $-10.38 | · | $-7.21 | |
| Revenue / Share | $0.34 | $0.85 | · | $0.43 | $1.35 | $3.75 | · | $0.53 | $2.51 | $0.67 | · | $1.81 | $4.08 | $0.94 | · | · | |
| Cash Flow / Share | · | $-0.20 | · | · | · | $-1.04 | · | · | · | $-0.60 | · | · | · | $-3.78 | · | · | |
| Cash / Share | $1.16 | $1.39 | · | $1.65 | $1.56 | $1.63 | · | $3.58 | $4.25 | $3.42 | · | $5.48 | $5.36 | $7.24 | · | $16.32 | |
| EPS (TTM) | $-1.35 | $-0.41 | · | $1.89 | $2.38 | $2.75 | · | $-2.14 | $-2.64 | $-3.05 | · | $-6.39 | $-7.28 | $-14.39 | · | $-17.45 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $414M | $596M | · | $1.06B | $1.08B | $1.25B | · | $885M | $988M | $997M | · | $1.05B | $1.60B | $1.36B | · | $1.85B | |
| Net Income TTM | $-248M | $-88M | · | $342M | $423M | $479M | · | $-285M | $-294M | $-399M | · | $-549M | $-587M | $-1.16B | · | $-1.32B | |
| Market Cap | $1.55B | $1.34B | · | $1.41B | $1.02B | $1.04B | · | $2.02B | $2.02B | $671M | · | $860M | $701M | $598M | · | $1.43B | |
| P/E | -7.0 | -19.9 | · | 4.6 | 2.6 | 2.3 | · | -5.9 | -4.8 | -1.6 | · | -1.1 | -1.0 | -0.5 | · | -1.0 | |
| P/S | 3.8 | 2.2 | · | 1.3 | 0.9 | 0.8 | · | 2.3 | 2.0 | 0.7 | · | 0.8 | 0.4 | 0.4 | · | 0.8 | |
| P/B | -8.1 | -9.2 | · | -9.0 | 27.2 | -13.7 | · | -3.8 | -4.7 | -0.8 | · | -1.3 | -0.9 | -0.7 | · | -2.5 | |
| P / Cash Flow | · | -41.3 | · | · | · | -5.6 | · | · | · | -8.0 | · | · | · | -1.8 | · | · | |
| Earnings Yield | -14.3% | -5.0% | · | 21.8% | 37.8% | 42.9% | · | -16.9% | -20.8% | -63.8% | · | -88.3% | -98.0% | -207.6% | · | -95.9% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $1.12B | $682M | $984M | $1.98B | $1.15B |
| Operating Margin % | 40.3% | -36.5% | -57.6% | -32.5% | -147.1% |
| Net Income | $440M | $-187M | $-545M | $-658M | $-1.74B |
| Diluted EPS | $2.58 | $-1.23 | $-5.41 | $-8.42 | $-23.44 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 2.1 | 1.0 | 0.7 | 0.7 | 0.9 |
| Quick Ratio | 1.6 | 0.8 | 0.3 | 0.5 | 0.8 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | · | · | · | · | $265M |
Institutional owners (13F) 314 filers · $1.3B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 45 (-15 vs prior Q) | 28 (-4 vs prior Q) | 87 (+14 vs prior Q) | 91 (+3 vs prior Q) | +1.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| SHAH CAPITAL MANAGEMENT | $133,439,735 | 14,165,577 | 10.17% | Shares |
| BlackRock, Inc. | $131,379,618 | 13,946,881 | 10.02% | Shares |
| STATE STREET CORP | $110,595,981 | 11,740,550 | 8.43% | Shares |
| VANGUARD GROUP INC | $103,960,853 | 15,470,365 | 7.93% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $71,667,322 | 7,607,996 | 5.46% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $68,365,170 | 7,257,449 | 5.21% | Shares |
| Sanofi | $64,814,131 | 6,880,481 | 4.94% | Shares |
| D. E. Shaw & Co., Inc. | $53,231,525 | 5,650,905 | 4.06% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $39,641,825 | 4,207,370 | 3.02% | Shares |
| TWO SIGMA INVESTMENTS, LP | $38,537,625 | 4,091,043 | 2.94% | Shares |
| COATUE MANAGEMENT LLC | $36,144,408 | 3,836,986 | 2.76% | Shares |
| BANK OF AMERICA CORP /DE/ | $32,180,934 | 3,416,235 | 2.45% | Shares |
| GOLDMAN SACHS GROUP INC | $28,333,064 | 3,007,756 | 2.16% | Shares |
| Graham Capital Management, L.P. | $19,655,772 | 2,086,600 | 1.50% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $18,572,472 | 1,971,600 | 1.42% | Call option |
| UBS Group AG | $17,612,188 | 1,869,659 | 1.34% | Shares |
| MILLENNIUM MANAGEMENT LLC | $16,656,095 | 1,768,163 | 1.27% | Shares |
| CITADEL ADVISORS LLC | $15,969,848 | 1,695,313 | 1.22% | Shares |
| CITADEL ADVISORS LLC | $15,409,236 | 1,635,800 | 1.17% | Put option |
| Allianz Asset Management GmbH | $14,876,064 | 1,579,200 | 1.13% | Shares |
| NORTHERN TRUST CORP | $13,641,178 | 1,448,108 | 1.04% | Shares |
| TSP Capital Management Group, LLC | $13,370,420 | 1,419,365 | 1.02% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $12,685,038 | 1,346,607 | 0.97% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $10,221,642 | 1,085,100 | 0.78% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $10,081,585 | 1,070,232 | 0.77% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,604,228 | 913,400 | 0.66% | Put option |
| AQR CAPITAL MANAGEMENT LLC | $8,502,964 | 902,650 | 0.65% | Shares |
| Bank of New York Mellon Corp | $8,004,342 | 849,718 | 0.61% | Shares |
| FEDERATED HERMES, INC. | $6,622,316 | 703,006 | 0.50% | Shares |
| Point72 Asset Management, L.P. | $6,257,574 | 664,286 | 0.48% | Shares |
| MARSHALL WACE, LLP | $6,149,123 | 652,773 | 0.47% | Shares |
| FMR LLC | $5,735,877 | 608,904 | 0.44% | Shares |
| Monaco Asset Management SAM | $5,439,711 | 577,464 | 0.41% | Shares |
| Edgestream Partners, L.P. | $5,273,278 | 559,796 | 0.40% | Shares |
| CITIGROUP INC | $4,834,353 | 513,201 | 0.37% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,767,302 | 506,083 | 0.36% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $4,726,796 | 501,783 | 0.36% | Shares |
| CITADEL ADVISORS LLC | $4,518,774 | 479,700 | 0.34% | Call option |
| CITIGROUP INC | $4,443,414 | 471,700 | 0.34% | Call option |
| MORGAN STANLEY | $4,394,030 | 466,456 | 0.34% | Shares |
| Trexquant Investment LP | $4,349,610 | 461,742 | 0.33% | Shares |
| TUDOR INVESTMENT CORP ET AL | $4,115,598 | 436,900 | 0.31% | Call option |
| DIMENSIONAL FUND ADVISORS LP | $3,737,018 | 396,711 | 0.28% | Shares |
| FIRST TRUST ADVISORS LP | $3,633,284 | 385,699 | 0.28% | Shares |
| UBS Group AG | $3,499,643 | 371,512 | 0.27% | Call option |
| Nuveen, LLC | $3,263,229 | 346,415 | 0.25% | Shares |
| JANE STREET GROUP, LLC | $2,700,714 | 286,700 | 0.21% | Call option |
| GROUP ONE TRADING LLC | $2,673,594 | 283,821 | 0.20% | Shares |
| ALGERT GLOBAL LLC | $2,618,666 | 277,990 | 0.20% | Shares |
| Swiss National Bank | $2,617,818 | 277,900 | 0.20% | Shares |
Activists & 5%+ owners 11 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Shah Capital Management, Shah Capital Opportunity Fund LP, Himanshu H. Shah ×7 filings | May 15, 2026 | 9.03% | Amendment | · | SEC |
| Shah Capital Management, Inc., Shah Capital Opportunity Fund LP, Himanshu H. Shah ×2 filings | May 20, 2024 | · | Initial filing | · | SEC |
| Dr. Rajiv I. Modi, Cadila Pharmaceuticals Ltd, Satellite Overseas (Holdings) Limited ×3 filings | March 21, 2014 | · | Initial filing | · | SEC |
| KPCB Holdings, Inc., KPCB Pandemic and Bio Defense Fund, LLC, KPCB PBD Associates, LLC | March 10, 2006 | · | Initial filing | Passive investment | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Nov. 4, 2005 | · | Initial filing | · | SEC |
| King Pharmaceuticals, Inc. ×2 filings | Oct. 13, 2005 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Sept. 6, 2005 | · | Initial filing | Passive investment | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 26, 2003 | · | Initial filing | Passive investment | SEC |
| S.S. or King Pharmaceuticals, Inc. | July 24, 2002 | · | Initial filing | Passive investment | SEC |
| Undisclosed reporting person | Sept. 19, 2001 | · | Initial filing | Passive investment | SEC |
| Anaconda Opportunity Fund, L.P., Anaconda Capital, L.P., Mitchell J. Kelly ×2 filings | April 10, 2001 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 52 insiders · 27 officers · 25 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John C Jacobs | President and CEO | March 2, 2026 A | 225,680 | 0 | 0 | $0 |
| Stanley C Erck | President and CEO | Dec. 14, 2022 M | 36,492 | 0 | 0 | $0 |
| Rahul Singhvi | President, CEO | March 10, 2011 A | 113,104 | 0 | 0 | $0 |
| James Patrick Kelly | EVP, CFO and Treasurer | March 7, 2026 M | 130,599 | 0 | 0 | $0 |
| Gregory F Covino | EVP, Chief Financial Officer | Nov. 16, 2020 A | · | 0 | 0 | $0 |
| Barclay A Phillips | SVP, Chief Financial Officer | July 31, 2017 P | 38,669 | 0 | 0 | $0 |
| Frederick W Driscoll | VP, CFO & Treasurer | March 2, 2013 A | 20,000 | 0 | 0 | $0 |
| Len F Stigliano | VP, CFO, Treasurer | July 31, 2008 P | 20,554 | 0 | 0 | $0 |
| Jeffrey Wayne Church | VP, CFO, Treasurer & Corp. Sec | March 7, 2007 A | · | 0 | 0 | $0 |
| Dennis W Genge | VP, Treasurer,CFO | Feb. 17, 2006 A | 6,400 | 0 | 0 | $0 |
| John Trizzino | President and COO | March 7, 2025 M | 68,061 | 0 | 0 | $0 |
| Filip Dubovsky | President, R&D | June 17, 2024 M | 66,613 | 0 | 0 | $0 |
| Gregory M Glenn | President, R&D | March 10, 2023 M | 18,339 | 0 | 0 | $0 |
| Robert Edward Walker | EVP, R&D | April 14, 2026 A | · | 0 | 0 | $0 |
| Ruxandra Draghia-Akli | EVP, Research & Development | March 2, 2026 A | 23,563 | 0 | 0 | $0 |
| Elaine O'Hara | EVP, Chief Strategy Officer | March 2, 2026 A | 134,642 | 0 | 0 | $0 |
| Mark J Casey | EVP, Chief Legal Officer | March 2, 2026 A | 90,067 | 0 | 0 | $0 |
| John A Herrmann III | EVP, Chief Legal Officer | Dec. 14, 2023 M | 13,233 | 0 | 0 | $0 |
| Timothy Jon Hahn | SVP, Manufacturing | March 5, 2015 A | 110,485 | 0 | 0 | $0 |
| Wilson Russell P | SVP, Business Development | March 5, 2015 A | 64,939 | 0 | 0 | $0 |
| Thomas Scott Johnston | Vice President, Strategy | March 15, 2010 A | 11,000 | 0 | 0 | $0 |
| Penny Heaton | VP & Chief Medical Officer | July 2, 2009 S | 18,667 | 0 | 0 | $0 |
| Evdoxia E Kopsidas | Sr.Dir.Fin.,Prin.Acctg.Officer | June 17, 2009 A | · | 0 | 0 | $0 |
| Jim Robinson | VP, Technical & Quality Ops. | March 5, 2009 A | 77,590 | 0 | 0 | $0 |
| Hall Patricia | Chief Accounting Officer | Oct. 31, 2006 M | 13,514 | 0 | 0 | $0 |
| Ford R Lynch | Sr. VP Marketing and Sales | July 26, 2004 P | 4,300 | 0 | 0 | $0 |
| Craig D Wright | Chief Scientific Officer | March 9, 2004 A | 51,626 | 0 | 0 | $0 |
| Rachel K. King | Director | June 20, 2026 M | 44,070 | 0 | 0 | $0 |
| Gregg H Alton | Director | June 20, 2026 M | 47,685 | 0 | 0 | $0 |
| Richard J Rodgers | Director | June 20, 2026 M | 47,370 | 0 | 0 | $0 |
| David M Mott | Director | June 20, 2026 M | 79,770 | 0 | 0 | $0 |
| Margaret G Mcglynn | Director | June 20, 2026 M | 44,468 | 0 | 0 | $0 |
| DOUGLAS RICHARD | Director | June 20, 2026 M | 73,220 | 0 | 0 | $0 |
| John W. Shiver | Director | June 18, 2026 A | 7,947 | 0 | 0 | $0 |
| Charles W. Newton | Director | June 18, 2026 A | 9,520 | 0 | 0 | $0 |
| James F Young | Director | Dec. 31, 2024 S | 51,760 | 0 | 0 | $0 |
| Michael A Mcmanus JR | Director | June 16, 2022 M | 10,101 | 0 | 0 | $0 |
| Gary C Evans | Director | June 17, 2021 M | 19,549 | 0 | 0 | $0 |
| Gail Boudreaux | Director | March 16, 2017 A | 200,000 | 0 | 0 | $0 |
| Rajiv I. Modi | Director | June 17, 2015 S | 2,500,000 | 0 | 0 | $0 |
| John O Marsh JR | Director | March 6, 2014 A | 36,000 | 0 | 0 | $0 |
| John A Lambert | Director | April 15, 2010 A | 80,000 | 0 | 0 | $0 |
| Thomas P Monath | Director | March 5, 2009 A | 3,225,366 | 0 | 0 | $0 |
| James B Tananbaum | Director | March 5, 2009 A | 3,151,818 | 0 | 0 | $0 |
| ODONNELL DENIS M | Director | March 7, 2007 A | 221,495 | 0 | 0 | $0 |
| KELLY MITCHELL J | Director | March 3, 2006 S | 500 | 0 | 0 | $0 |
| Michael J Lazarus MD | Director | Feb. 17, 2006 A | 11,927 | 0 | 0 | $0 |
| Susan B Bayh | Director | May 4, 2005 A | · | 0 | 0 | $0 |
| Ronlad H Walker | Director | March 9, 2004 A | · | 0 | 0 | $0 |
| KING PHARMACEUTICALS INC | 10% owner | July 16, 2004 J | 4,100,931 | 0 | 0 | $0 |
| Raymond Joseph Hage | · | July 2, 2009 M | 5,251 | 0 | 0 | $0 |
| Nelson M Simms | · | Aug. 15, 2005 D | 275,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 30 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PBE · Invesco Exchange-Traded Fund Trust | 3.18% | 1,243,050 SH | Oct. 2, 2026 | Daily |
| IDNA · iShares Trust | 1.41% | 388,569 SH | Sept. 11, 2026 | Daily |
| BBP · ETFis Series Trust I | 1.14% | 152,832 NS | July 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.38% | 255,116 NS | July 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.12% | 11,718 SH | Oct. 2, 2026 | Daily |
| IBB · iShares Trust | 0.11% | 1,194,423 SH | Sept. 11, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.11% | 3,486 NS | July 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.09% | 132,629 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.05% | 3,915,893 SH | Sept. 11, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.04% | 2,187,922 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.04% | 877,397 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.04% | 72,850 NS | July 31, 2026 | N-PORT |
| TECB · iShares Trust | 0.03% | 15,347 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 1,892,748 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.02% | 3,775,808 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.02% | 416,565 SH | Aug. 19, 2026 | Daily |
| ISCG · iShares Trust | 0.02% | 19,900 SH | Sept. 11, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.02% | 159,261 SH | Oct. 2, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 64,499 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 8,992 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.00% | 12,956 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 248,773 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 42,080 SH | Sept. 10, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.00% | 228 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 5,197,170 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 12,359 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 1,443,464 SH | Sept. 11, 2026 | Daily |
| ISCB · iShares Trust | · | 6,917 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 20,646 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 111,155 SH | Sept. 11, 2026 | Daily |
NVAX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
9 analysts · 2026-10-03Mean target $14.00 +33.9%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NVAX | $1.09B | 2.6 | 64.7% | 39.2% | -977.1% | · |
| PVLA | $1.30B | -28.2 | 65.3% | -1610.6% | -110.1% | · |
| SRPT | $2.26B | -3.0 | 15.6% | -32.5% | -57.1% | · |
| GENB | · | · | · | · | · | · |
| NTLA | $1.05B | -2.4 | 16.9% | -609.8% | -59.5% | · |
| STOK | $1.87B | -264.5 | 404.5% | -3.7% | -2.0% | · |
| ZYME | $1.97B | -24.4 | 38.9% | -76.6% | -26.9% | · |
| XNCR | $1.10B | -12.3 | 13.7% | -73.2% | -14.0% | · |
| SNDX | $1.84B | -6.4 | 627.8% | -165.6% | -257.1% | · |
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