Summary by Futu AI
On May 10, 2024, Novavax, Inc. reported its financial results for the first quarter ending March 31, 2024, and announced a significant co-exclusive licensing agreement with Sanofi. The agreement includes a $500 million upfront payment to Novavax, a $70 million equity investment, and potential milestones totaling up to $1.3 billion. Novavax's Q1 2024 revenue reached $94 million, with a reduction in current liabilities by $831 million. The company also announced the removal of its going concern notice and plans to initiate a Phase 3 trial for a COVID-19-Influenza Combination vaccine in the second half of 2024. Novavax's updated financial guidance for 2024 anticipates combined revenue and Sanofi agreement payments between $970 million and $1.17 billion. The company's progress includes the submission of a Biologics License Application for its COVID-19 vaccine to the FDA and the advancement of negotiations for the 2024-2025 vaccination season. Novavax's partnership with Sanofi is expected to drive value creation and benefit global public health by leveraging Novavax's Matrix-M adjuvant technology for the development of new vaccines.