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Novavax Reports Second Quarter 2009 Financial Results
Date:8/7/2009

General and administrative costs were $2.6 million in the second quarter of 2009 as compared to $3.2 million in the second quarter of 2008. The decrease of 19% was due to a reduction in employee costs of $0.2 million, a decrease in facility costs associated with general and administrative functions of $0.1 million, and a $0.1 million decrease in charges to the allowance established for two notes receivable from former directors. The balance of the decrease is attributable to a decrease in professional fees.

Novavax recorded net interest and other expense of $0.7 million for the second quarter of 2009 compared to net interest and other expense of $0.1 million for the second quarter of 2008. The increase in net interest and other expense primarily resulted from an additional other than temporary impairment in the amount of $0.5 million related to one of the company's auction rate securities due primarily to its continued illiquidity and a $0.2 million decrease in interest income due to a decrease in the average cash and short-term investments balance during the quarter.

Accordingly, Novavax's net loss for the quarter ended June 30, 2009 was $8.5 million, or $0.10 per share, compared to a net loss of $9.4 million, or $0.15 per share, for the quarter ended June 30, 2008. The loss for the quarter ended June 30, 2008 includes a loss from discontinued operations of $1.1 million.

As of June 30, 2009, Novavax had $31.2 million in cash and short-term investments (including auction rate securities recorded at their fair value) as compared to $33.9 million as of December 31, 2008. The company's short-term investments consist of investments in five auction rate securities with a par value of $8.1 million and a fair value of $6.0 million. In addition to the other than temporary impairment discussed above, during the second quarter of 2009, the company recorded a $0.5 million unrealized gain, which is included in
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SOURCE Novavax, Inc.
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