Novavax, Inc. (NASDAQ:NVAX) announced financial results for the December 2015 quarter and full year. It had to struggle throughout the year to survive the volatile market condition. As per the reports, Novavax reported $78.8 million net loss in 4Q2015 and $156.9 million net loss for the entire 2015 year.
The situation worsened for Novavax in 2015 as compared to 2014. It had reported a net loss of $31.5 million in 4Q2014, which increased to $78.8 million in 4Q2015. The situation wasn’t much different in terms of yearly revenues as well. The net loss accounted for $82.9 million for the year 2014, whereas it increased to $156.9 million in 2015.
When it comes to revenue, Novavax reported $5.9 million revenues in 4Q2015, 13% down on YoY basis. Despite negative growth in quarterly revenues, it managed to report a decent hike in yearly numbers. Its revenues in 2014 were $30.7 million; however, they increased to $36.3 million in 2015. This 18% YOY growth was a result of $7.7 million worth of cost recovery under BARDA contract and $3.1 million related to its clinical trial of influenza VLP vaccine.
Company’s R&D expenses in 4Q2015 were $75.9 million, up 128% from 4Q2014. In terms of full 2015 year, the R&D expenses were recorded as $162.6 million, 72% higher than the expenditures reported in 2014. At the end of the year 2015, it had $230.7 million in cash and cash equivalent securities compared to $168.1 million at the end of 2014.
The senior management team of the company is delighted to announce these results and hopes that just like revenues, it will manage to attain significant growth in profitability as well. One of the spokespersons of Novavax said that the company had gained from certain reimbursements in the year 2015. However, going forward it would focus on generating better revenues than 4Q2015. Further updates about new innovations will be announced at a later date.