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of Contents](#ib45320eea17c45ce95b2b2a9a4dd7402_7)\n\nUNITED STATES SECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nForm 10-K\n\n☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from      to      .\n\nCommission File No. 000-26770\n\nNOVAVAX, INC.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware22-2816046\n\n(State of incorporation)\n(I.R.S. Employer Identification No.)\n\n21 Firstfield Road,\n\nGaithersburg,Maryland20878\n\n(Address of principal executive offices)(Zip Code)\n\nRegistrant’s telephone number, including area code: (240) 268-2000\n\nN/A\n\n(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)\n\nTitle of each classTrading SymbolName of each exchange on which registered\n\nCommon Stock, Par Value $0.01 per shareNVAXThe Nasdaq Global Select Market\n\nSecurities registered pursuant to Section 12(g) of the Act: Not Applicable\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer☒Accelerated filer☐\n\nNon-accelerated filer☐Smaller reporting company\n☐\n\nEmerging growth company☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.     ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial\n\nstatements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒\n\nThe aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant (based on the last reported sale price of registrant’s common stock on June 30, 2025 on the Nasdaq Global Select Market) was approximately $1,018,000,000.\n\nAs of February 16, 2026, there were 162,935,945 shares of the registrant’s common stock outstanding.\n\nDocuments incorporated by reference: Portions of the registrant’s Definitive Proxy Statement to be filed no later than 120 days after the fiscal year ended December 31, 2025 in connection with the registrant’s 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent indicated herein.\n\n[Table of Contents](#ib45320eea17c45ce95b2b2a9a4dd7402_7)\n\nNOVAVAX, INC.\n\nTABLE OF CONTENTS\n\nPage\n\nPART I\n\n[Item 1.](#ib45320eea17c45ce95b2b2a9a4dd7402_13)\n\n[BUSINESS](#ib45320eea17c45ce95b2b2a9a4dd7402_13)\n\n[4](#ib45320eea17c45ce95b2b2a9a4dd7402_13)\n\n[Item 1A.](#ib45320eea17c45ce95b2b2a9a4dd7402_61)\n\n[RISK FACTORS](#ib45320eea17c45ce95b2b2a9a4dd7402_61)\n\n[26](#ib45320eea17c45ce95b2b2a9a4dd7402_61)\n\n[Item 1B.](#ib45320eea17c45ce95b2b2a9a4dd7402_64)\n\n[UNRESOLVED STAFF COMMENTS](#ib45320eea17c45ce95b2b2a9a4dd7402_64)\n\n[68](#ib45320eea17c45ce95b2b2a9a4dd7402_64)\n\n[Item 1C.](#ib45320eea17c45ce95b2b2a9a4dd7402_67)\n\n[CYBERSECURITY](#ib45320eea17c45ce95b2b2a9a4dd7402_67)\n\n[68](#ib45320eea17c45ce95b2b2a9a4dd7402_67)\n\n[Item 2.](#ib45320eea17c45ce95b2b2a9a4dd7402_70)\n\n[PROPERTIES](#ib45320eea17c45ce95b2b2a9a4dd7402_70)\n\n[69](#ib45320eea17c45ce95b2b2a9a4dd7402_70)\n\n[Item 3.](#ib45320eea17c45ce95b2b2a9a4dd7402_73)\n\n[LEGAL PROCEEDINGS](#ib45320eea17c45ce95b2b2a9a4dd7402_73)\n\n[69](#ib45320eea17c45ce95b2b2a9a4dd7402_73)\n\n[Item 4.](#ib45320eea17c45ce95b2b2a9a4dd7402_79)\n\n[MINE SAFETY DISCLOSURES](#ib45320eea17c45ce95b2b2a9a4dd7402_79)\n\n[70](#ib45320eea17c45ce95b2b2a9a4dd7402_79)\n\nPART II\n\n[Item 5.](#ib45320eea17c45ce95b2b2a9a4dd7402_82)\n\n[MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES](#ib45320eea17c45ce95b2b2a9a4dd7402_82)\n\n[70](#ib45320eea17c45ce95b2b2a9a4dd7402_82)\n\n[Item 6.](#ib45320eea17c45ce95b2b2a9a4dd7402_85)\n\n[RESERVED](#ib45320eea17c45ce95b2b2a9a4dd7402_85)\n\n[71](#ib45320eea17c45ce95b2b2a9a4dd7402_85)\n\n[Item 7.](#ib45320eea17c45ce95b2b2a9a4dd7402_88)\n\n[MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#ib45320eea17c45ce95b2b2a9a4dd7402_88)\n\n[71](#ib45320eea17c45ce95b2b2a9a4dd7402_88)\n\n[Item 7A.](#ib45320eea17c45ce95b2b2a9a4dd7402_112)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ib45320eea17c45ce95b2b2a9a4dd7402_112)\n\n[84](#ib45320eea17c45ce95b2b2a9a4dd7402_112)\n\n[Item 8.](#ib45320eea17c45ce95b2b2a9a4dd7402_115)\n\n[FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#ib45320eea17c45ce95b2b2a9a4dd7402_115)\n\n[85](#ib45320eea17c45ce95b2b2a9a4dd7402_115)\n\n[Item 9.](#ib45320eea17c45ce95b2b2a9a4dd7402_118)\n\n[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#ib45320eea17c45ce95b2b2a9a4dd7402_118)\n\n[85](#ib45320eea17c45ce95b2b2a9a4dd7402_118)\n\n[Item 9A.](#ib45320eea17c45ce95b2b2a9a4dd7402_121)\n\n[CONTROLS AND PROCEDURES](#ib45320eea17c45ce95b2b2a9a4dd7402_121)\n\n[85](#ib45320eea17c45ce95b2b2a9a4dd7402_121)\n\n[Item 9B.](#ib45320eea17c45ce95b2b2a9a4dd7402_124)\n\n[OTHER INFORMATION](#ib45320eea17c45ce95b2b2a9a4dd7402_124)\n\n[86](#ib45320eea17c45ce95b2b2a9a4dd7402_124)\n\n[Item 9C.](#ib45320eea17c45ce95b2b2a9a4dd7402_130)\n\n[DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#ib45320eea17c45ce95b2b2a9a4dd7402_130)\n\n[87](#ib45320eea17c45ce95b2b2a9a4dd7402_130)\n\nPART III\n\n[Item 10.](#ib45320eea17c45ce95b2b2a9a4dd7402_136)\n\n[DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE](#ib45320eea17c45ce95b2b2a9a4dd7402_136)\n\n[87](#ib45320eea17c45ce95b2b2a9a4dd7402_136)\n\n[Item 11.](#ib45320eea17c45ce95b2b2a9a4dd7402_139)\n\n[EXECUTIVE COMPENSATION](#ib45320eea17c45ce95b2b2a9a4dd7402_139)\n\n[87](#ib45320eea17c45ce95b2b2a9a4dd7402_139)\n\n[Item 12.](#ib45320eea17c45ce95b2b2a9a4dd7402_142)\n\n[SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](#ib45320eea17c45ce95b2b2a9a4dd7402_142)\n\n[87](#ib45320eea17c45ce95b2b2a9a4dd7402_142)\n\n[Item 13.](#ib45320eea17c45ce95b2b2a9a4dd7402_145)\n\n[CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](#ib45320eea17c45ce95b2b2a9a4dd7402_145)\n\n[88](#ib45320eea17c45ce95b2b2a9a4dd7402_145)\n\n[Item 14.](#ib45320eea17c45ce95b2b2a9a4dd7402_148)\n\n[PRINCIPAL](#ib45320eea17c45ce95b2b2a9a4dd7402_148)[A](#ib45320eea17c45ce95b2b2a9a4dd7402_148)[CCOUNTANT](#ib45320eea17c45ce95b2b2a9a4dd7402_148)[FEES AND SERVICES](#ib45320eea17c45ce95b2b2a9a4dd7402_148)\n\n[88](#ib45320eea17c45ce95b2b2a9a4dd7402_148)\n\nPART IV\n\n[Item 15.](#ib45320eea17c45ce95b2b2a9a4dd7402_154)\n\n[EXHIBITS AND FINANCIAL STATEMENT SCHEDULES](#ib45320eea17c45ce95b2b2a9a4dd7402_154)\n\n[89](#ib45320eea17c45ce95b2b2a9a4dd7402_154)\n\n[Item 16.](#ib45320eea17c45ce95b2b2a9a4dd7402_157)\n\n[FORM 10-K SUMMARY](#ib45320eea17c45ce95b2b2a9a4dd7402_157)\n\n[96](#ib45320eea17c45ce95b2b2a9a4dd7402_157)\n\n2\n\n[Table of Contents](#ib45320eea17c45ce95b2b2a9a4dd7402_7)\n\nCERTAIN DEFINITIONS\n\nAll references in this Annual Report on Form 10-K to “Novavax,” the “Company,” “we,” “us,” and “our” refer to Novavax, Inc. including its wholly-owned subsidiaries (unless the context otherwise indicates). All references in this Annual Report on Form 10-K to “NuvaxovidTM” or “COVID-19 Vaccine” refer to the Nuvaxovid™ COVID-19 vaccine; all references to \"JN.1 COVID-19 Vaccine\" refer to the NuvaxovidTM COVID-19 Vaccine for the 2025-2026 vaccination season.\n\nNOTE REGARDING TRADEMARKS\n\nNovavax™, Nuvaxovid™, Matrix-M™, Matrix-A™, Matrix-C™, Matrix-V™, Prepare™, Resolve™, and ResVax™ are trademarks of Novavax. Any other trademarks referred to in this Annual Report on Form 10-K are the property of their owners. All rights reserved. We do not intend our use or display of other companies’ trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.\n\nFORWARD-LOOKING INFORMATION\n\nThis Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under “Risk Factors” and elsewhere in this Annual Report on Form 10-K, our actual results may differ materially from those anticipated in these forward-looking statements. Please also see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”\n\nSUMMARY OF RISKS ASSOCIATED WITH OUR BUSINESS\n\nOur business is subject to numerous risks. The following is a summary of the principal risk factors described in this section:\n\n•We have a history of losses and our future profitability is uncertain.\n\n•We will continue to require significant funding to maintain our current level of operations and fund the further development of our vaccine candidates.\n\n•Our existing collaboration, funding and supply agreements, including the Sanofi CLA and our APAs, do not assure success of our vaccine candidates or vaccines or that we will be able to fully fund our vaccine candidates or vaccines or our operations, and if we are unable to satisfy the performance obligations under such agreements, we may not be eligible to receive milestone payments under such agreements, the agreements may be terminated, the purchase commitments may be reduced or we may be required to refund advance payments.\n\n•Limitations on the use of our net operating losses and other tax attributes could adversely affect our financial condition.\n\n•Because our vaccine product development and commercialization efforts depend on new and rapidly evolving technologies we cannot be certain that our efforts will be successful.\n\n•Clinical and preclinical development involves a lengthy and expensive process with an uncertain outcome, and the results of prior clinical trials are not necessarily predictive of our future results.\n\n•Any difficulties or delays in the commencement or completion, or the termination or suspension, of our current or planned clinical trials could result in increased costs to us, delay or limit our ability to generate revenue or adversely affect our commercial prospects.\n\n•We may find it difficult to enroll subjects in our clinical trials. If we encounter difficulties enrolling subjects in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.\n\n•Use of our vaccine candidates could be associated with adverse side effects, adverse events or other safety risks, which could delay or preclude approval, cause us to suspend or discontinue clinical trials, abandon a vaccine candidate, limit the commercial profile of an approved label or result in other significant negative consequences that could severely harm our business, prospects, operating results and financial condition.\n\n•We are a biotechnology company and face significant risk in developing, manufacturing, and commercializing our products and vaccine candidates.\n\n•We must identify vaccines for development with our technologies and establish successful third-party relationships.\n\n3\n\n[Table of Contents](#ib45320eea17c45ce95b2b2a9a4dd7402_7)\n\n•We rely on third parties to conduct preclinical studies and clinical trials. If these third parties do not successfully carry out their contractual duties, comply with applicable regulatory requirements or meet expected deadlines, our development programs and our ability to seek or obtain regulatory approval for or commercialize our vaccine candidates may be delayed.\n\n•We currently rely on third parties for the manufacture of our vaccine candidates for clinical development and expect to continue to rely on third parties for the foreseeable future. This reliance on third parties increases the risk that we will not have sufficient quantities of our vaccine candidates or such quantities at an acceptable cost, which could delay, prevent or impair our development or potential commercialization efforts.\n\n•Because we depend on third parties to conduct some of our laboratory testing and clinical trials, and a significant amount of our vaccine manufacturing and distribution, we may encounter delays in or lose some control over our efforts to develop and supply products and vaccine candidates.\n\n•Many of our competitors have significantly greater resources and experience, which may negatively impact our commercial opportunities and those of our current and future licensees.\n\n•The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our vaccine candidates, our business will be substantially harmed.\n\n•Our business may be adversely affected if we do not successfully execute our business development initiatives.\n\n•Servicing our 2031 Notes and our 2027 Notes requires a significant amount of cash, and we may not have sufficient cash flow resources to pay our debt.\n\n•Because our stock price has been and will likely continue to be highly volatile, the market price of our common stock may be lower or more volatile than expected.\n\n•Litigation or regulatory investigations could have a material adverse impact on our results of operation and financial condition.\n\n•We or the third parties upon whom we depend may be adversely affected by natural or man-made disasters or public health emergencies, such as the COVID-19 pandemic.\n\nPART I"}