Novavax, Inc. (NASDAQ:NVAX) has announced its financial results for the first quarter of 2017. In a statement, Novavax President and CEO Stanley C. Erck said the company made a lot of progress in the implementation of key clinical studies of the RSV F vaccine for maternal immunization to infants as well as for use in adults. The company expected to report positive data from the adult trial in 90 days time.
In addition, the company has announced holding talks with the FDA to undertake an informational analysis of the Prepare study which is aimed at establishing the level of efficacy of the vaccine.
The company reported a net loss of (-$43.9) million or (-$0.16) per share in the first quarter compared to the (-$77.3) million or (-$0.29) per share reported in the first quarter of the previous financial year.
The company’s revenue in the quarter amounted to $5.7 million which is equivalent to 35% increase from the $4.2 that was reported in the same period in 2016. The increase is as a result of increase in revenue from the BMGF grant that was granted in relation to the ongoing Prepare clinical study.
Research and development expenses amounted to $37.7 million, a 45% decrease from the $69 million that was reported in Q1 of 2016. The reduction is attributed to decrease in costs associated with clinical studies as well as development activities related to the RSV F Vaccine. The company also reported lower employee-related costs in the quarter.
The company reported $8.9 million in general and administrative expenses in Q1 2017 representing a 16% decrease from the $10.5 million that was reported in Q1 2016. The decrease is attributed to reduced professional fees for pre-commercialization activities.
The company reported $3 million in net interest income compared to $1.9 million that was reported in Q1 of 2016.
At the close of the quarter, the company had $211.2 million in cash and cash equivalents compared to the $235.5 million that the company had at the close of the last financial year ended December 31, 2016. Net cash used in operating activities amounted to $38.6 million compared to $69.8 million in the same period of the previous financial year.