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- **Strategic Transformation**: Novavax transitions to a diversified pipeline, reducing costs and pursuing partnerships for 2028 non-GAAP profitability.
- **Financial Performance**: Q3 2025 revenue $70M, driven by Sanofi milestones. 2026 R&D/SG&A target $450M (net of reimbursements).
- **Pipeline Progress**: BARDA grant for Sanofi's pandemic flu vaccine; CIC Phase III potential in 2026. Shingles vaccine shows superior tolerability.
- **Risk Factors**: Dependency on partner execution for profitability; regulatory delays in CIC program.

**【CEO Summary Section】**
- Novavax has transformed into a lean, agile organization, transitioning from a single-product focus to a diversified pipeline. Key achievements include a $1 billion reduction in liabilities and $1.1 billion in nondilutive cash flow through partnerships.
- Strategic priorities: optimizing partnerships (e.g., Sanofi, Takeda), advancing R&D (C. diff, shingles, RSV), and reducing costs. 2028 non-GAAP profitability target contingent on partner execution.
- Q3 2025 highlights: $70 million revenue, $225 million in Sanofi milestones, and $25 million from Takeda. R&D pipeline includes Matrix-M in oncology and C. diff vaccines.

**【CFO Financial Commentary】**
- Q3 2025: $70 million revenue (down 18% YoY), $130 million R&D/SG&A expenses (down 18% YoY). Royalties and R&D reimbursements drive $57 million in licensing revenue.
- 2026 guidance: $520 million R&D/SG&A (net of partner reimbursements), narrowing to $450 million midpoint. 2027 target: $250 million net spend. $126 million noncash charges in Q3 for site consolidation and debt refinancing.
- BARDA grant for Sanofi's pandemic flu vaccine with Matrix-M; potential Phase III for CIC in 2026.

**【Q&A Highlights】**
- **Sanofi Collaboration**: Positive Phase I/II data for COVID-flu combo; 2026 Phase III possible. Novavax eligible for royalties and milestones. 2025 COVID sales $23M, 2026 expected to grow as Sanofi leads U.S. commercialization.
- **Matrix-M in Oncology**: Early-stage exploration shows promise; potential for combination vaccines. Shingles vaccine tolerability data superior to competitors; Phase III pending partner feedback.
- **Financial Milestones**: $75M manufacturing tech transfer milestone in Q4 2026. 2026 supply sales driven by R21 malaria vaccine (25M doses distributed).

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