Novavax Reports First Quarter 2015 Financial Results - Seite 2

Financial Results for the Three Months Ended March 31, 2015

Novavax reported a net loss of $24.4 million, or $0.10 per share, for the first quarter of 2015, compared to a net loss of $13.8 million, or $0.07 per share, for the first quarter of 2014.

Novavax revenue in the first quarter of 2015 increased 32% to $9.9 million, compared to $7.5 million for the same period in 2014. The increase results primarily from HHS BARDA's approval of the reimbursement of the Company's prior Phase 2 Quadrivalent Seasonal Influenza VLP vaccine clinical trial (205 Trial) costs, resulting in an additional $3.1 million in revenue in the quarter.

The cost of government contracts revenue in the first quarter of 2015 decreased 19% to $2.5 million, compared to $3.0 million for the same period in 2014. The decrease in costs were associated with a lower level of activity in the first quarter of 2015 associated with the Company's Phase 2 clinical trial of our quadrivalent seasonal influenza vaccine candidate as compared to the Company's Phase 1/2 clinical trial of our H7N9 pandemic influenza candidate with Matrix-M in the same period in 2014; both programs are funded under our contract with HHS BARDA.

Research and development expenses increased 78% to $25.9 million in the first quarter of 2015, compared to $14.5 million for the same period in 2014. The increase in research and development expenses was driven by activities relating to the ongoing RSV F Vaccine clinical trials, the initiation of the Phase 1 clinical trial of our Ebola GP Vaccine candidate program and higher employee-related expenses tied to the continued growth of the Company.

General and administrative expenses increased 36% to $5.8 million in the first quarter of 2015, compared to $4.3 million for the same period in 2014. The increase in general and administrative expenses resulted from increased employee-related expenses tied to the continued growth of the Company.

As of March 31, 2015, the Company had $327.7 million in cash and cash equivalents and marketable securities compared to $168.1 million as of December 31, 2014. Net cash used in operating activities for the first quarter of 2015 was $30.5 million, compared to $20.4 million for the same period in 2014. The factors contributing to the change in operating cash usage were primarily due to increased research and development costs relating to our vaccine candidates and higher employee-related costs, as well as the timing of customer and vendor payments.