Novavax Inc (NVAX)

Well articulated. It wouldn't take much from the BOD to move the SP. Acknowledging something would be a start. I heard JJ finally mention "patience of our shareholders" at the Jeffries fireside last week but this is a token mention. Something actionable is sorely needed, even if they bought some shares on the open market. Such things are in their hands.

I realize the materialization of deals from the numerous MTAs isn't anything that can be scheduled, I get that. And they will be big material events when they happen. But until then, execute on something which is under your control. I'm excited too about the future prospects, which is why I'm here, but something before the next license deal is announced would be prudent and demonstrate faith in the company.

Shorts were at work again today. The number of shares available for shorting rose dramatically in the hours before market open.

No news of any significance was announced over the last two investor conferences, as some expected. Many investors are expecting news to be announced by the shareholders meeting next week that would justify the additional shares management is requesting for the executive compensation plan. If they fail to deliver something substantial, confidence for many investors will be negatively impacted more than it already is, as shareholders see management continuing to themselves with additional shares while share price fails to enrich the shareholders.

Also, management and the board of directors have failed to address the large short position that exists in the stock, or take any action that would make shorting NVAX a risky venture. Short sellers respond to management's failure to address the issue or take any action against them as a green light to continue to short and negatively impact long-term shareholders.

Management's decision to extend and expand the convertible debt provided a means for additional of shorting by debt holders via the convertible arbitrate strategy. This only furthers the investor perception that management is less concerned about increasing shareholder value while they continue to enrich themselves with additional shares via the executive compensation plan, and are brazenly asking shareholder to approve more shares for the plan. Yet, no executive or board member has purchased any NVAX shares with their own funds since 2020. That has not gone unnoticed by investors, yet management is constantly talking about how excited they are about where the company is headed and their confidence in the company's future.

Novavax to Participate in 2026 Jefferies Global Healthcare Conference

https://ir.novavax.com/press-releases/2026-06-01-Novavax-to-Participate-in-2026-Jefferies-Global-Healthcare-Conference

During today's VRBPAC meeting, a number of outside presenters called for expansion of the Nuvaxovid expiration date to 9 months, as well as eliminating the at-risk restriction for the 12-65 age group. Both of these restrictions were placed on Nuvaxovid by individuals in the previous FDA administration who are no longer with the agency. I'm hopeful the current FDA will seriously consider these requests and remove these ridiculous restrictions that were not applied to the competing mRNA Covid vaccines.

Link to today's FDA VRBPAC meeting for Covid vaccine strain selection

Sanofi's 22 minute presentation by Tonya Colpitts, Ph, Associate VP Global Project Head, Vaccines begins at 3:13:50 in the video. Worth watching.

https://www.youtube.com/live/3wU0NWzXvZY

Novavax Updates Pediatric COVID-19 Vaccine Trial: What Investors Should Watch

https://www.tipranks.com/news/company-announcements/novavax-updates-pediatric-covid-19-vaccine-trial-what-investors-should-watch

May 22, 2026

Novavax (NVAX) is running a Phase 2/3 trial called “A Phase 2/3 Age De-escalating Study to Evaluate the Safety and Immunogenicity of a SARS-CoV-2 Recombinant Spike Protein Vaccine (SARS-CoV-2 rS) With Matrix-M Adjuvant in Children 6 Months to < 12 Years of Age.” The goal is to see how well its COVID-19 shot works and how safe it is in young children, a key step if Novavax wants a long term role in the pediatric vaccine market.

The study is testing NVX-CoV2373, a protein based COVID-19 vaccine that uses a Matrix-M adjuvant to boost the immune response. It compares this vaccine with a saline placebo and also looks at booster or variant based shots to see if kids can keep strong protection over time.

The trial is interventional and randomized, meaning children are assigned by chance to get either the vaccine or placebo. It uses a crossover model and triple masking, so participants, caregivers, and study staff do not know who gets what, and the main aim is to prevent COVID-19 by tracking safety and immune responses.

The study started after submission on 2022-07-18, marking Novavax’s move into younger age groups. The trial is now listed as completed, and the latest update on 2026-05-19 signals that new data or analysis has been added even though formal results are not yet posted.

For investors, the update confirms Novavax is still pushing to stay relevant in a crowded COVID-19 field dominated by mRNA players like Pfizer/BioNTech and Moderna. Solid pediatric data could support new approvals or contracts, but the absence of posted results keeps near term stock impact modest and leaves market reaction tied to upcoming disclosures and any guidance from management.

The study remains active in terms of data reporting and has been recently updated, with further information available on the ClinicalTrials portal.

https://clinicaltrials.gov/study/NCT05468736

This could be the solution to the limited supply of soapbark tree bark described in the previous post.

Soap Bark Discovery Offers a Sustainability Booster for the Global Vaccine Market

Availability of soapbark tree bark used in Matrix-M adjuvant (Google AI):

The supply of soapbark tree (Quillaja saponaria) bark, which provides the saponins for Novavax's Matrix-M adjuvant, is a known global supply chain concern. The bark extract contains only trace amounts of the crucial adjuvant molecules (such as QS-21), making it a highly limited and expensive raw material.

The primary reasons for this tight supply include:

Climate and environmental threats: The soapbark tree grows almost exclusively in central Chile, where the forests are increasingly threatened by droughts and wildfires.

Cross-industry competition: The extracts are heavily sought after by other, highly profitable industries for use in cosmetics, mining, animal feed, and beverages.

Competing medical demands: The same bark extract is a vital component in several other major global vaccines, including GSK's Shingrix (shingles) and malaria vaccines.

To secure and diversify the supply of these critical molecules without over-exploiting native forests, researchers are exploring sustainable, tree-free alternatives. This includes manufacturing the active chemical compounds in laboratories using plant cell cultures or reconstituting the tree's chemical pathways in other host plants (like tobacco).

The Tree That Could Help Stop the Pandemic (The Atlantic)

Insight: A Chilean Tree Holds Hope for New Vaccines – If Supplies Last (Reuters)

Shah Capital NVAX Proxy Talk

MP3 Audio and Slides Presentation Zip File Download Link

Please keep this on the DL and don't post anywhere else. Send to other shareholders via email if you want. Glad to help those unable to listen in. Definitely worth the time. Shah makes a compelling case, IMO.

No link received from Shah registration yet. Checking spam/junk. Will post when it lands.

Well articulated Joe. I also have been in the exact same boat. The platform itself is gold, Matrix-M on its own is gold. I was comfy with giving JJ a long leash as he turned a sinking ship around with a vision and work ethic to stop the bleeding and reinvent itself. And it looks like its working. It requires more patience as this new model relies on inking good deals, which take time. Inking deals doesn't conform to quarterly report timings. Deal making requires stewardship and the ability to negotiate well. Grinding out a good deal pays forward for future deals as going in the prospective partners know they can trust you and that you will negotiate a good, fair deal. So momentum gets built, with time.

I had cut JJ some slack the the convertible debt extension was simply unthinkable and has hurt shareholders, not created any value for them. That, and the utter lack of insider open market buys also stinks. The rise today is no doubt due in part to the Shah notice that has gone out. If I had to pick one thing I want Shah to get would be to eliminate the convertible debt. That should chase the shorts and "unlock" a shareprice that reflects the value of the company.

Novavax Reports First Quarter 2026 Financial Results and Operational Highlights

https://ir.novavax.com/press-releases/2026-05-06-Novavax-Reports-First-Quarter-2026-Financial-Results-and-Operational-Highlights

Much appreciated. Obviously the best outcome for all is news that lets us know and understand what has been ongoing behind the scenes, news that results in significant rise in share price, and news that satisfies Shah as one of the largest investors. But if tomorrow turns out to be just more of the same, more discussion of the existing Sanofi and Pfizer deals, more talk about all the big pharma interest and phones ringing every hour of every day, and no mention of CIC progress, then Shah really needs to shake the tree.

I would really like to know why no insider or board member has purchased a single NVAX share with all the happy outlooks the CEO and CFO have been feeding us for years now. I don't want to hear more about how they are creating shareholder value. I often wonder if they understand what that term means. I don't know any shareholders who feel value has been created by this leadership. Sure, we have the company on stable financial ground, and two deals inked, but they've done nothing to inspire confidence—no insider buying, no elimination of convertible debt (actually issuing more of it), and no addressing shareholder concerns with the high level of shorting that continues to this day. Their actions regarding convertible debt has actually created the perfect environment for short sellers to thrive. Eliminating that debt is an absolutely necessary first step in addressing the shorting of the stock. They seem comfortable with keeping the debt, even increasing it.

I've always been an optimist regarding Novavax, but I'm really starting to wonder if the current management and board members have a clue how to run this company for the benefit of shareholders. So far it's looking like their own benefit is all they're concerned with. I welcome them to prove me wrong. Good luck to us all.

Registered. Will forward a link when received.

Let's see what JJ can pull out of a hat tomorrow.

Anyone got invited, too? i was by SHAH directly! — the timeline just got very real.
(more from BTC321 on ST board)

Tomorrow: Q1 Earnings. Jacobs has one last chance to get ahead of this.
May 14: Himanshu Shah of Shah Capital presents his full case for change at Novavax — officially hosted by Glass Lewis in a formal Proxy Talk. Agenda: performance, commercialization, cost structure, capital allocation, governance. Every single weak spot Jacobs has.

Glass Lewis doesn't host these talks for fun. They host them when they're about to change their recommendation.

Early June: ISS and Glass Lewis publish final voting recommendations.
June 17, 11:59pm ET: Voting deadline.
June 18: Annual Meeting. Board votes counted.

The pressure is perfectly sequenced. Shah gets 9 days after tomorrow's earnings call to frame Jacobs' response — or lack thereof — directly to institutional investors who move billions.

9% shareholder. Second largest. Official Glass Lewis platform. ISS watching.

Jacobs needs to announce a buyback, debt retirement and hard cost cuts tomorrow. Not vague language. Concrete numbers. Because on May 14 Shah will either say "too little too late" or "not enough."

The board has destroyed 95% of shareholder value in 5 years. The clock is ticking.

Vote AGAINST by June 17.

Shah Capital Proxy Talk on Novavax, Inc.

Thursday, May 14, 2026
10:00 a.m. EDT

https://grow.glasslewis.com/event-proxy-talk-shah-capital-on-novavax-inc

I tried registering, but looks like it's only accepting email addresses from companies, not public email such as Google or Yahoo. Hopefully someone can register via work email and share the link for those no longer in the workforce.

We all understand that Covid vaccine revenue is declining—a combination of milder variants and reduced public concern over Covid. However, when considering the low market share held by Novavax, and a more knowledgeable public who now better understand the mRNA risks and the greater safety record and longer protection of Nuvaxovid, I can see Novavax picking up additional market share even though the overall Covid revenue is declining for mRNA competitors.

I'd really like to get an update on our CIC vaccine. The silence on CIC is getting ridiculous. Is it plausible we are still waiting on a partner? This goes against common sense, given the strong P1 data already released.

I voted AGAINST the proxy proposals across the board, except for the accounting firm selection.

Shah Capital is no longer pushing for a sale. Here's why that's actually more bullish.
(more from BTC321 on ST board)

Shah was explicit about wanting to sell the whole company in October 2025. That made sense at the time — COVID vaccine collapsing, no clear partnership strategy, cash burning fast.

But a lot has changed since then.

Sanofi is delivering. $225M in milestones in 2025 alone. Pfizer signed a Matrix-M license in January 2026 — $30M upfront, up to $500M in milestones, 20+ year royalties, two undisclosed disease areas. Multiple new MTAs signed with additional major pharma companies in Q1 2026. The licensing model is working.

Shah's current demands tell a completely different story. No more talk of selling. Instead: slash costs, retire the $225M convertible bond, opportunistic buyback of 10-20M shares, cut management by 30%, reduce the board from 8 to 5. Transform Novavax into a lean, high-margin royalty and licensing platform.

Think "Intel Inside" — but for vaccines.

And that thesis is far more powerful than a sale right now. Because a buyer today would pick up Matrix-M at distressed prices — and all the Pfizer milestone upside, all the Sanofi royalties, all the future MTA conversions would belong to them, not to shareholders.

The technology is being validated in real time by multiple Big Pharma checkbooks. Pfizer doesn't license adjuvant platforms they don't believe in. Neither does Sanofi.

$750M cash on hand. Multiple active partnerships. The best adjuvant technology on the planet. $1.3B market cap.

If Jacobs is forced to run this as a lean licensing machine instead of a bloated vaccine company — this is worth multiples of where it trades today.

Shah figured it out. The market hasn't yet.

Tomorrow we find out if Jacobs gets the message.

Vote by June 17, 11:59pm ET.

Thanks for sharing...in a way, it seems like it was just a matter of time for the MRNA scam to fall by the wayside. Too much money to be made on it, I guess. In the meantime, a real solution floundered. Will be interesting to see how quickly NVAX climbs back up.

NVAX earnings tomorrow — here's why everything that happened today matters
(great analysis posted by BTC321 on ST board)

Let's connect the dots nobody's talking about.

BioNTech just reported a disaster. Q1 2026 revenue of only €118M vs €183M a year ago — down 35%. Net loss of €532M. COVID vaccine revenues continue to collapse across the board. The mRNA COVID era is structurally over, and BioNTech knows it — they're shutting down manufacturing sites in Marburg, Idar-Oberstein and Singapore, cutting ~1,860 jobs.

Pfizer confirmed the same story from a different angle. Comirnaty down 59% operationally. Paxlovid down 63%. Their Q1 beat was entirely driven by non-COVID products — oncology, Eliquis, biosimilars. Pfizer is desperately pivoting away from mRNA and into new vaccine platforms. R&D spending up 12% operationally, focused on oncology and obesity.

Here's where Novavax comes in. Pfizer didn't just pivot — they specifically chose Novavax's Matrix-M adjuvant to do it. $30M upfront, up to $500M in milestones, tiered royalties for at least 20 years, two undisclosed disease areas. That deal was signed in January and the $30M has already been received. Pfizer's Q1 report today showed ZERO mention of Novavax or Matrix-M — because for a $14.5B revenue company, $30M is a rounding error. But for NVAX at a $1.3B market cap, it's existential validation of their technology platform.

The thesis is simple: as mRNA crumbles, protein-based adjuvanted vaccines come back. Matrix-M is the best adjuvant technology on the planet — Pfizer just told you so with their checkbook. Serum Institute's R21/Matrix-M malaria vaccine has already sold 30 million doses with 80%+ market share. Takeda's Nuvaxovid has 12% market share in Japan. Sanofi paid $225M in milestones in 2025 alone and is advancing a COVID-flu combination program with Phase 1/2 data already positive.

Now add the governance pressure. Shah Capital — 9% shareholder, second largest — filed a formal proxy statement to block the re-election of three board members at the June 13 Annual Meeting: Richard Douglas, Margaret McGlynn, and David Mott. They're urging ISS and Glass Lewis to flip their recommendations. Their demands: retire the $225M convertible bond, buy back 10–20M shares opportunistically, cut management by 30%, slash the board from 8 to 5, and get combined R&D + SG&A below $100M by 2027.

Jacobs has been destroying shareholder value for years — the stock is down 95% in 5 years and 27% in 3 years. But he now has zero room left. Tomorrow's Q1 earnings call is effectively his audition for June 13.

What does he need to announce tomorrow to survive?

• No new dilution. Period.
• Signal on debt retirement or buyback
• Hard cost reduction targets
• Any update on which two disease areas Pfizer chose for Matrix-M — that alone could be a massive catalyst
• Additional MTA or partnership news — multiple new MTAs were signed in Q1 2026 with major pharma companies

The market consensus expects -$0.23 EPS this quarter. Last quarter NVAX beat by 123% ($0.11 actual vs -$0.48 expected). The bar is on the floor.

Meanwhile the stock sits at $8 — inside the lower third of its 52-week range of $5.80–$11.97. Average analyst price target: $13. That's 60% upside before any new catalyst.

The mRNA narrative is dying in real time. BioNTech and Pfizer just confirmed it today. The money has to go somewhere — and the best adjuvant platform in the world is sitting at a $1.3B market cap with $750M in cash, a Pfizer deal, a Sanofi deal, and an angry 9% shareholder forcing management to finally act like owners.

Tomorrow is the moment of truth.

Excellent day for some swing trading. I picked up an additional 980 shares without adding additional funds. Glad it worked out that way. After the first few sells, the price kept going higher and thought I might have to buy back higher and lose shares overall. I look forward to the day when this kind of behavior in share price is behind us. It's very frustrating for those holding shares without trading.

My sentiments exactly. Nicely summarized.

Here's the link to the Pfizer website discussing the trial.
https://www.pfizerclinicaltrials.com/nct07086677-pneumococcal-disease-trial

Here's the link to the clinical study site describing the trial.
https://clinicaltrials.gov/study/NCT07086677?term=NCT07086677&rank=1

Neither link mentions the Matrix-M or saponin-based adjuvant. But the clinical site does describe low-dose and high dose adjuvants PA-001 and PA-002, which could possibly be the internal trial name for Matrix-M or some combination of Matrix adjuvants, which is what has some folks excited. This is certainly feasible given the number of MTA agreements inked with Big Pharma involving Matrix-M.

We will probably learn if the trial has any bearing on Novavax during Pfizer's investors call on Tuesday.

Apologies for the typos from my phone.

Thanks Joe, Im also tuned in to the EC shift but was skeptical. Then this afternoon someone.posted.someone.posted.kn ST about a new Pfizer pneumococcal trial and.and.speculation is that.that.its with.with.Matrix M. I've only read the trial.link.trial.link.from my.phone but Im not certain of the link just yet. Biotechnology certainly is. If true, it's big news and fits the EC shift.shift.amd.shift.shift.amd.the therapeutic area #1 of 2 many have.predicted for Pfize to liscence. Fingers crossed!

I've also done a little of those type of trades you refer to as the daily pattern is predictable. So a few free shares here as well. Buckle up for next week, might not be too many freebies!

Matrix-M® Safety Data: An Interview with Jonathan Fix
April 30, 2026

https://www.novavax.com/perspectives-insights/matrix-mr-safety-data-interview-jonathan-fix

Agreed, especially on Shah's continued accumulation of NVAX shares. He is not someone that invests to lose money. I continue to believe investors will do fine here if they let things play out. I also understand some investors are far underwater, having invested at triple-digit share prices. The only way for those folks to ever be profitable is by averaging down, and that decision is on them. It's not hard to understand that those triple-digit prices were based on hype, not actual performance. Financially, the company is in much better shape now than back then and can actually survive long enough to see their shift in strategic direction pay off.

If we take management at their word that there is a lot of BP interest, phones ringing off the hook, multiple MTAs, etc., then I'm confident something major will be negotiated and brought to bear fruit. Like you, I'm hoping that the reason for the requested increase in executive share compensation is tied to major news to be revealed between now and the earnings call. Otherwise it's a serious slap in the face to investors, especially since none of the executive team has purchased a single share with their own money in the secondary market. It's hard to spur confidence with investors when you aren't willing to invest your own money and only receive shares as part of the compensation package.

Pfizer earnings release is on Tue, May 5, followed by Novavax on Wed, May 6. It has not escaped investors eyes that Novavax may have planned their earnings release close to that of Pfizer for a reason. We may get news in the Pfizer update that directly impacts Novavax and sets the stage for their update the following day. I expect we will get news on the same day as the Pfizer release, to be followed with more details on the earnings call and subsequent SEC filing.

I traded some shares yesterday, selling on the spike between $8.22 and $8.25, and repurchasing at $8.00 near end of the day. I was able to pick up 665 "free" shares on an otherwise bad move in share price. It's hard to call these shares free shares, because I'm always on edge when I move out of my share position. I've been successful adding additional shares on NVAX swing trading, but occasionally increased demand shows up shortly after I sell and the price begins a significant move higher, with the trend sometimes continuing for a week or more, while I sit here trying to decide to cut my losses and reinvest, or have patience for the eventual decline that typically follows. All the while I risk being out of shares when major news hits. But this is how I've stayed positive with NVAX performance so far, because I can trade and pull out profits while I wait for major news to move share price higher. But we both know the current share price is a joke when taking into account the revenue potential of their assets once they are incorporated into multiple revenue streams with multiple Big Pharma companies.

I believe investors have an interesting week ahead.

Watched it and thought it was great. Shah has done his own DD to understand the science, despite the claims of some on X who are still hardcore covid-cautious. His assessment of management shortcomings is accurate and we are frankly fortunate to have him advocate the way he is as it also supports us retail investors. His steady accumulation has certainly been a factor for me in the buys I've made and continue to hold.

I'm keenly watching for any word now from Sanofi. Something's gotta give there and I've posted about this on ST. New CEO and the future of their flu franchise is up in the air. If Novavax CIC superior to their flu/nuvaxovid CIC then they risk losing out to a competitor (e.g. Pfizer). Its possible that their fluzone/flublok in the presence of matrix-M didn't work out too well. We'll know soon by either their data or they make a move on novavax CIC.

Novavax to Report First Quarter 2026 Financial Results on May 6, 2026

https://ir.novavax.com/press-releases/2026-04-29-Novavax-to-Report-First-Quarter-2026-Financial-Results-on-May-6,-2026

Shah Capital's Himanshu Shah interview on The Dana Parish Podcast

🚨 🚨 NOVAVAX DERAILED!!
📣 New podcast episode live!

I flew to Raleigh to get the scoop on Novavax (the protein-based Covid vaccine) from Himanshu Shah of Shah Capital, one of its largest shareholders. I wanted to understand exactly how & why it was sidelined in spite of early… pic.twitter.com/2y2OKq7K8t— Dana Parish (@danaparish) April 28, 2026

Novavax 2025 Annual Report

Annual Report

Thanks for the thoughtful reply Joe. I'm vaguely aware of AIM and your involvement. I may take you up on your offer as it sounds intriguing. I've got Novavax and another critical minerals play that when they wrap up I'll be looking to manage the proceeds somehow. My plate is full right now so I'll circle back on this when I'm able. Cheers.

I figured out who you were on ST. 😎 Lots of good info posted there by some, and a lot of others hurting from being in this stock since triple digits. Sometimes I get frustrated with their negative posts, but I try my best to remain kind most of the time. I'm not in their shoes and don't have their level of frustration with Novavax.

Biotechlineup isn't always right on connecting the dots, but clearly has strong knowledge of biotech and helps me to better understand and read between the lines of news releases and clinical trial data.

I enjoy sharing good info or perspectives I come across. I'm not sure I provide much on my own. I've always felt that Novavax would be acquired at some point, and when that first offer is made, a bidding war would ensue and we as shareholders would benefit to a greater extent. The wheels move slowly and patience can be difficult as an investor sometimes.

Novavax will be the LAST individual stock I own. I've spent the last year or more developing a method of AIM investing (Robert Lichello) using leveraged ETFs that are showing fantastic returns. When NVAX pays off, I will move all of those gains into this method, and sleep very well at night knowing my single spreadsheet manages all of it, no matter what is happening in the market. I've learned to actually appreciate market turmoil, as they create buying opportunities where AIM moves your cash position into the equity portion. If you're unfamiliar with this method, reach out to me privately and we can discuss.

Thanks. I also follow and respect Biotechlineup. FYI, I am kinte66 on ST. Keep up the good sharing, DD and insights Joe. We will get there with Novavax. No quite what we expected today but the thesis hasn't changed for me.

Clinical Trial NCT05463068
Study to Compare the Immunogenicity and Safety of 3 Lots of NVX-CoV2373 in Adults
Results reported: 4/17/26

https://clinicaltrials.gov/study/NCT05463068

Study Overview

Brief Summary
This is a randomized, Phase 3 study comparing the immunogenicity and safety of 3 different lots of Novavax vaccine with Matrix-M™ adjuvant (NVX-CoV2373).The study will enroll approximately 900 previously vaccinated adults 18 to 49 years of age, inclusive.

Detailed Description
This is a randomized, Phase 3 study comparing the immunogenicity and safety of 3 different lots of Novavax vaccine with Matrix-M™ adjuvant (NVX-CoV2373). The study will enroll approximately 900 previously vaccinated adults 18 to 49 years of age, inclusive. Participants will be screened at baseline with the goal of enrolling approximately 900 previously vaccinated participants. Participants will be randomized 1:1:1 to receive 1 dose of the vaccine from 1 of 3 different lots, given on Day 1, at a dose level of 5 µg of antigen with 50 µg of Matrix-M adjuvant. All participants will remain on study for immunogenicity and safety data collection through 28 days following the vaccination.

Official Title
A Randomized, Observer-Blinded, Phase 3 Study to Compare the Immunogenicity and Safety of 3 Lots of NVX-CoV2373 in Adults

Here's the perspective from poster Biotechlineup on ST (a poster I follow and respect):

Consistency Study NCT05463068. proves that every batch produced is identical in safety and performance. met its primary objectives, demonstrating equivalent immunogenicity across three different manufacturing lots.

Booster Efficacy, It confirmed that NVX-COV2373 induces robust IgG and neutralizing antibody responses when used as a booster, regardless of whether the patient's primary series was Pfizer, Moderna, or J&J. Even though it used the ancestral strain, the study showed the vaccine generated antibodies that were strongly reactive against immune-evasive Omicron subvariants like BA.1 and BA.5.

No new safety signals were identified.

For an "Intel Inside" business model, partners Pfizer, Merck, Astra, GSk, and Sanofi need to know the technology is stable and reproducible. essential filing is exactly what institutional accumulators look for to confirm a company is derisked before a major news event like tomorrow's earnings call.

Sanofi touts tolerability of COVID shot Nuvaxovid in head-to-head trial vs. Moderna's mNexspike

https://www.fiercepharma.com/pharma/sanofi-touts-tolerability-covid-shot-nuvaxovid-head-head-trial-vs-modernas-mnexspike

HCWs Report Fewer Side Effects from Protein-based COVID-19 Vaccine

https://respiratory-therapy.com/public-health/healthcare-policy/occupational-health/hcws-report-fewer-side-effects-from-protein-based-covid-19-vaccine/

Is Shah Capital’s Criticism of Novavax Fair? A Wall Street Analyst Weighs In

https://medcitynews.com/2026/04/is-shah-capitals-criticism-of-novavax-fair-a-wall-street-analyst-weighs-in/

That is certainly possible..I was struck by the significance of a Saturday release by Sanofi on its own and wondered if it portends something ahead of their EC next week...then the Novavax PR hit, which you've postulate on. Next week could be good! I like how the SP held.on Friday and didn't do its usual.thing. A few indicators of something coming...JMHO.[color=red][/color]

Sanofi released the trial results on a Saturday. Why would Novavax follow with their own news release on Saturday and not the following Monday, prior to market open? Is it because they already had another more substantial news release already prepared for a Monday pre-market release? Thoughts?

Nuvaxovid™ COVID-19 Vaccine Showed Better Tolerability than mNEXSPIKE in Head-to-head Sanofi-led Phase 4 Study

https://ir.novavax.com/press-releases/press-releases?item=610

April 18, 2026

Today, Sanofi presented positive results from COMPARE, the first head-to-head, double-blind, randomized Phase 4 study powered to directly compare the tolerability profiles of Novavax’s protein-based non-mRNA COVID-19 vaccine Nuvaxovid™ (NVX-CoV2705) and mNEXSPIKE (mRNA-1283), Moderna's latest mRNA COVID-19 vaccine. The study showed that Nuvaxovid demonstrated statistically significant lower systemic reactogenicity (the expected side effects that might occur following vaccination) compared to mNEXSPIKE across all pre-specified endpoints. The results were presented by Sanofi at the European Society of Clinical Microbiology and Infectious Diseases Global Congress in Munich, Germany.

These data support the well-established reactogenicity profile of our vaccine and could have a positive impact on improving vaccination uptake as Sanofi continues to lead commercialization of Nuvaxovid this upcoming vaccination season.

Sanofi becomes market authorization holder for Nuvaxovid® in Canada, expanding COVID-19 vaccine choices for Canadians

https://www.newswire.ca/news-releases/sanofi-becomes-market-authorization-holder-for-nuvaxovid-r-in-canada-expanding-covid-19-vaccine-choices-for-canadians-867181632.html

BioSpace: Novavax Shareholder Vows To Fight CEO Pay Package, End ‘Dogmatic Leadership’

https://www.biospace.com/business/novavax-shareholder-vows-to-fight-ceo-pay-package-end-dogmatic-leadership

Novavax shares rise as activist investor calls for board overhaulApril 8, 2026 10:23 AM
IH Market News
Novavax (NASDAQ:NVAX) shares gained about 7.6% on Wednesday after activist investor Shah Capital said it plans to oppose the company’s board nominees and executive compensation proposals at the vaccine maker’s upcoming annual meeting.Shah Capital, which holds roughly a 9% stake in Novavax and is the company’s second-largest shareholder, sent a letter urging management to pursue major strategic changes. The hedge fund called for aggressive cost reductions and suggested the company consider buying back between 10 million and 20 million shares.In the letter obtained by Reuters, Shah Capital founder Himanshu Shah proposed cutting the senior leadership team by about 30% and reducing the board’s size from eight members to five. He also recommended bringing in a long-term strategic investor with a 10–20% stake to help reshape the company’s direction.The investor also criticized Novavax’s collaboration with Sanofi (EPA:SASY), arguing that the partnership has not delivered meaningful benefits for Novavax. Shah expressed concern about delays in releasing late-stage data for the COVID/influenza combination vaccine, a market he described as being worth more than $5 billion.Shah Capital has been pressing Novavax’s leadership to consider strategic alternatives, including the possibility of a sale. Shah told Reuters that the latest letter represents “an indictment of the leadership.”Although Shah previously warned in November that he could initiate a proxy contest if the company failed to make progress, he said Wednesday that he is not pursuing that option “as it will be in the minority against an entrenched eight-member board.”The hedge fund also called on proxy advisory firms ISS and Glass Lewis to reconsider their recommendations supporting Novavax’s proposals.Novavax stock price

Original: Novavax shares rise as activist investor calls for board overhaul

Shah Capital Open Letter - Notice of Intention to VOTE AGAINST Board Nominees and Executive Compensation

SEC Schedule 13D filing

Seeking Alpha article snippet

Lots of compliments from within Novavax and beyond. She sounds like a truly remarkable person. I note a nice comment from VP Scientific Affairs at Novavax. I also note she has commented herself to the comments saying she, "....can't wait to see what amazing things we achieve next." Interesting!