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Novavax Reports Fourth-Quarter and Year-End 2013 Financial Results and Initiation of Phase 1/2 Clinical Trial of Its H7N9 Avian Influenza VLP Vaccine Candidate With Matrix-M(TM) - Seite 4

include those identified under the heading 'Risk Factors' in the Novavax Annual
Report on Form 10-K for the year ended December 31, 2013, to be filed with the
Securities and Exchange Commission (SEC). Investors are cautioned not to place
considerable reliance on the forward-looking statements contained in this press
release. You are encouraged to read company filings with the SEC, available at
sec.gov, for a discussion of these and other risks and uncertainties. The
forward-looking statements in this press release speak only as of the date of
this document, and the company undertakes no obligation to update or revise any
of the statements. The company's business is subject to substantial risks and
uncertainties, including those referenced above. Investors, potential
investors, and others should give careful consideration to these risks and
uncertainties.

NOVAVAX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share information)


Three Months Ended Twelve Months Ended
December 31, December 31,
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2013 2012 2013 2012
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(unaudited)
Revenue $ 8,748 $ 4,567 $ 20,915 $ 22,076
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Costs and expenses:
Cost of government contracts 2,602 1,953 8,222 14,692
revenue
Research and development 16,319 9,636 50,308 26,907
General and administrative 4,080 2,472 14,819 10,142
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