NOVAVAX INC: management transactions · United States · SEC (Form 4)

About NOVAVAX INC

Novavax, Inc. is a U.S.-based biopharmaceutical company listed on the Nasdaq (NASDAQ: NVAX) and headquartered in Gaithersburg, Maryland, United States. For investors, the company stands out as a vaccine-focused biotech with a platform asset story rather than a broad commercial pharma model. Founded in 1987, Novavax has built its business around recombinant-protein vaccine design and its proprietary Matrix-M adjuvant technology, which is intended to enhance immune responses and can be licensed into multiple vaccine programs. ([novavax.com](https://www.novavax.com/about-us)) Novavax’s best-known product is Nuvaxovid, its recombinant protein-based COVID-19 vaccine. In May 2025, the company announced U.S. FDA approval of the BLA for its COVID-19 vaccine, and management emphasized that Nuvaxovid is the only recombinant protein-based, non-mRNA COVID-19 vaccine available in the United States. That approval also triggered a Sanofi milestone payment, underscoring how Novavax has increasingly converted clinical and regulatory progress into partnership economics. ([novavax.com](https://www.novavax.com/press-releases/2025-05-19-U-S-FDA-Approves-BLA-for-Novavaxs-COVID-19-Vaccine)) The company’s business model now has three main revenue engines: direct commercial sales of Nuvaxovid where it serves as commercial lead, supply sales of adjuvant and other components to partners, and licensing, royalties and milestone income from its technology platform. A major strategic shift came with the May 2024 Sanofi collaboration and license agreement, under which Novavax and Sanofi co-commercialize the COVID-19 vaccine and Sanofi can develop influenza-COVID combination vaccines and other products using Matrix-M. Novavax also continues to work with partners such as Takeda and Serum Institute of India, giving it a broader geographic footprint across the United States, Europe and selected international markets. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1000694/000100069425000015/novavax2024annualreport429.pdf)) From a competitive perspective, Novavax occupies a niche in the vaccine market. Its protein-based approach offers a differentiated profile versus mRNA platforms, but the company remains much smaller than global vaccine leaders and is still highly dependent on execution, regulatory momentum, and partner demand. The strategic value of Matrix-M is central: management has consistently framed the adjuvant as a standalone monetizable asset and as a tool to expand into additional infectious-disease programs and, potentially, oncology-adjacent applications. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1000694/000100069425000015/novavax2024annualreport429.pdf)) Recent developments have reinforced that repositioning. In January 2026, Novavax announced a license agreement with Pfizer for Matrix-M in two infectious disease areas, with upfront cash, potential milestones and royalties. In its first-quarter 2026 update, Novavax said Matrix-M contributed $30 million related to that Pfizer agreement. Combined with the Sanofi partnership and ongoing efforts to advance early-stage pipeline candidates, the company is increasingly presenting itself as a lean vaccine platform company rather than a single-product story. For investors following SEC Form 4 insider activity, the key analytical lens remains the durability of partnership revenue, the commercial trajectory of Nuvaxovid, and the ability to expand Matrix-M into repeatable licensing economics. ([ir.novavax.com](https://ir.novavax.com/press-releases/2026-02-26-Novavax-Reports-Fourth-Quarter-and-Full-Year-2025-Financial-Results-and-Operational-Highlights?utm_source=openai))