Novavax (NASDAQ: NVAX) stock decreased 2% after the bell as the second quarter loss failed to meet estimates. However, revenue surpassed consensus. The biotech firm’s stock has been on the downhill since late February after ResVax, the respiratory syncytial virus vaccine candidate failed to meet the primary endpoints in the Phase 3 trial. The stock price has plummeted 88% this year touching a new 52-week low of $4 in late July.
Revenue plunged 69% to $3.4 million due to the expenses incurred for Prepare trial. Loss per share reduced to $1.69 per share compared to $2.37 per share loss reported last year. For the second quarter, the street was anticipating revenue of $3.06 million and loss per share of $1.61.
In July, Novavax also closed the sale of two manufacturing units to Catalent’s Paragon Gene Therapy Unit for $18 million, which is a tailwind in the second quarter.
On the expense front, Research and development (R&D) expenses dropped 32% over last year due to reduced trial expenses related to ResVax. General and Administrative (G&A) expenses rose 17% primarily due to surge in professional fees and shareholder meetings. Operating cash flow reduced to $80.6 million over the prior year period.
Earlier this week, Novavax reached an agreement with the US FDA for NanoFlu phase 3 trials. The company plans to start the trials in the third quarter and expect to report clinical data results in the first quarter of 2020.
In June, the biotech firm announced that the FDA has suggested Novavax to conduct Phase 3 trials with ResVax for treating respiratory syncytial virus (RSV) disease in infants born to mothers vaccinated with ResVax. The company is planning to meet European regulators in the fall to get their inputs to decide on the licensure pathway in the European Union.
Q1 revenue dropped 59% to $4 million over the prior year period hurt by the Prepare trial enrolment last year. Loss contracted modestly to 11 cents per share compared to 14 cents reported in the Q1 2018 period.
Research and development expenses dropped 20% while General and Administrative expenses remained flat. Operating cash flow reduced to $50.6 million, down $15.5 million over first quarter of 2018.
The Wall Street is projecting revenues of $2.6 million and loss to decrease sequentially to 1.27 per share.
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