Novavax Inc Citigroup’s Biopharma Back to School Summit 2026

Absolutely. Thank you, Geoff. Appreciate the question, and welcome everybody. Over the last 3 and a half years, we've absolutely transformed Novavax from a company that was solely focused on producing and commercializing a vaccine for COVID, to a company that's now out-licensing our technology, partnering our tech, expanding the utility of our technology, seeking to do that beyond infectious disease into oncology, and continuing to advance our own assets selectively and carefully with lean R&D bets. We're excited about our future. We started out with a deal with Sanofi and Pfizer. We have multiple potential partners in a pipeline of MTA-generated collaborations where they're experimenting with our technology right now.

We continue to advance our tech and Matrix-M and learn about oncology. In the coming quarters, expect our first set of data from preclinical experiments in oncology on our own and from a partner who is currently a top 10 pharma and a global leader in oncology. In the coming quarters, we will get their data and our data, and we will look to show a proof of concept in oncology for Matrix-M. We hope to be in the clinic with our own C. difficile vaccine asset as early as next year.

Thanks, Geoff. Maybe we talk about catalysts in the near term.

Yeah And things like that.

Yeah. Sanofi is our largest and first partner, and that is key.

What we are looking for from Sanofi are several near-term catalysts. Number one is beginning to build important market share now in the U.S. market and other markets where they have had their first chance at a full cycle launch. Just this weekend, shipments began going into pharmacies from Sanofi. By the end of this week, you would expect most major retailers to have NUVAXOVID stock alongside mRNA. Sanofi in the coming week is to start launching their DTC campaigns to pull that through. Over the coming month or two, we expect to see some growing market share from Sanofi and look forward to that as the nearest term catalyst.

Second to that, Sanofi confirmed their commitment with Novavax leadership, and we announced that at our last earnings call, that they intend to be one of the first in the world with a COVID flu combination vaccine, and that they are now in late stage discussions with regulators on the timing to initiate that pivotal trial. When they do that in either Europe or the U.S., we earn a $125 million milestone, Geoff, so that is exciting for Novavax. We anticipate next year earning a $75 million milestone for a tech transfer, so Sanofi can take over full manufacture of our NUVAXOVID COVID vaccine. That additional $200 million, not including royalties, other revenues we may generate from new partnerships, et cetera, would put our cash runway, Jim, into the 2030s or so.

Good question. Bob, do you want to take that one?

Sure. Robert Walker, head of R&D at Novavax. The types of studies that we anticipate them doing are likely immunogenicity rather than efficacy in terms of a European license. Our expectation is that those would be single season studies, and so the development cycle would be essentially a year to having results, and then the regulatory process that follows.