Novavax, Inc.

Good morning and welcome to Novavax fourth quarter and full year 2025 financial results and operational highlights conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then the number one on your touchtone phone. To withdraw your question, please press star then the number one again. Please note, this event is being recorded. I would now like to turn the conference over to Louis Sané, Vice President, Investor Relations. Please go ahead.

Good morning and thank you all for joining us today to discuss our fourth quarter and full year 2025 financial results and operational highlights. A press release announcing our results is available on our website at novavax.com, and an audio archive of this conference call will be available on our website later today. Please turn to slide two. Before we begin with prepared remarks, I need to remind you that this presentation includes forward-looking statements, including but not limited to statements related to Novavax's corporate strategy and operating plans, its strategic priorities, its partnerships and expectations with respect to potential royalties, milestones, cost reimbursements, the current macro and regulatory environment, the development of Novavax's clinical and preclinical product candidates, the timing and results of clinical trials, timing of regulatory filings and actions, its APA agreements and related negotiations, projected market opportunity, FULL YEAR 2026 FINANCIAL GUIDANCE AND REVENUE FRAMEWORK, AND NOVAVAX'S FUTURE FINANCIAL OR BUSINESS PERFORMANCE, INCLUDING LONG-TERM GROWTH, SAVINGS, AND PROFITABILITY TARGETS. EACH FORWARD LOOKING STATEMENT CONTAINED IN THIS PRESENTATION IS SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED IN SUCH STATEMENTS. ADDITIONAL INFORMATION REGARDING THESE FACTORS APPEARS UNDER THE HEADING Cautionary note regarding forward-looking statements in the presentation we issued this morning and under the heading Risk Factors in our most recent Form 10-K and subsequent Form 10-Qs filed with the Securities and Exchange Commission available at sec.gov and on our website, novavax.com. The forward-looking statements in this presentation speak only as of the original date of this presentation and we undertake no obligation to update or revise any of these statements. Please turn to slide three. This presentation also includes references to non-GAAP financial measures, which are total adjusted revenue, adjusted licensing, royalties, and other revenue, combined R&D and SG&A expenses, less partner reimbursements, and non-GAAP profitability. Please turn to slide four. Joining me today is John Jacobs, our President and CEO, who will highlight our growth strategy. Elaine O'Hara, Chief Strategy Officer, will focus on progress with our partnership strategy. Dr. Roxandra Draghia, Head of R&D, will discuss our R&D updates. And Jim Kelly, Chief Financial Officer and Treasurer, will review our financial results and 2026 financial guidance and revenue framework. Please turn to slide five. I'll now like to hand over the call to John.

Thank you, Louis. I'm excited to be here today with members of our executive team to share our fourth quarter and full year 2025 financial results. We made significant progress on our corporate strategy in 2025, successfully executing against our existing partnerships while advancing our organic pipeline, innovation efforts with our matrix technology, and making progress towards new potential partnerships. Our progress in 2025 was possible because of how we have reshaped the company since 2023 and with our new strategy, which we launched last year. Since the launch of our new strategy, we have evolved Novavax from a vertically integrated global commercial organization with a singular focus on COVID to a company that is focused on driving both near and long-term value with our proven technology platform via partnering in R&D, supported by a lean and efficient operating model. We've also come a long way in stabilizing the company financially, doing so in a thoughtful, stepwise manner to maintain the capabilities needed to advance our strategy. And we are successfully executing our plan. For example, just this January, we announced a new agreement with Pfizer for Matrix M. This new partnership allows Pfizer to utilize MatrixM in two disease areas within their vaccine portfolio, with one disease area already identified. If Pfizer commercializes just one significant product based on this agreement, this partnership could generate billions of dollars of revenue for Novavax over time through a combination of milestones and royalties. This agreement further demonstrates the value other companies with vaccine portfolios see in MatrixM. Please turn to slide six. The changes we have made to date continue to strengthen our company, and we believe we can do even more to create value both today and in the future. As you can see on the slide, today from our existing partnerships, we have earned and received upfront and milestone payments, including those from our agreements with Pfizer and Sanofi, with over $800 million in non-dilutive capital earned in the last 18 months. Anticipated continued royalties from our marketed and partnered products, including Nuvaxavid and the R21 Matrix M Malaria vaccine. And we're pleased by the progress made by Takeda in 2025, where they delivered over 12% market share for Nuvaxavid in Japan. And more than 30 million doses of the R21 Matrix M Malaria vaccine marketed by Serum Institute have been distributed to help people fight this disease. In the mid to long term, we intend to amplify this value through upfront payments from new potential partnerships, milestone payments from both new and existing partners for continued development of their assets with our technology. For example, Sanofi's combination vaccines with their flu products and our new vaccine for which we are eligible for a $125 million milestone when their phase three study initiates. and or development of additional assets with Matrix M for which we are eligible to receive launch and sales milestones of up to $200 million plus mid single digit royalties for each new vaccine Sanofi may choose to develop in the future using Matrix M. Plus a growing set of potential royalty revenue streams from multiple partners. Please turn to slide seven. In addition to partnering, the other key lever in our growth strategy is R&D innovation. We are focused on leveraging R&D to strengthen our technology platform, expand its utility both within and potentially beyond infectious disease, and drive further proof points and data to develop new assets with which we can partner. Our matrix technology is a cornerstone of our partnering model. And we believe that we can build on our proven technology and expertise to create a portfolio of matrix-based adjuvants to serve as an engine of innovation and value creation, reflecting our conviction that differentiated adjuvant offerings could represent a significant and expanding long-term growth opportunity for Novavax. Importantly, this model potentially positions us to generate diversified recurring revenue across multiple partnered programs. For example, we're exploring the potential development of new matrix-based adjuvants for oncology and some hard-to-treat infectious diseases, potentially opening an even wider opportunity set. And we are exploring new formulations of Matrix M, such as dry powder, with the intent to increase its utility in our own and in partnered candidate vaccines. You will hear more about our approach to building a matrix-based adjuvant portfolio from Elaine and Ruxandra later on in the presentation. Please turn to slide eight. In 2025, we continued our commitment to operate in a lean and efficient manner. Of note during the year, we significantly decreased our R&D and SG&A spend. As we continue to advance our growth strategy, we intend to continue reducing our operating expenses while maintaining the capabilities needed to support the strategy. Jim will provide an overview of our operating expenses and guidance later on in the call. We are pleased with the progress we made last year in 2025 and are excited about the potential that lies ahead in 2026, such as the potential for more partnership announcements, making continued progress across the spectrum of our R&D efforts, including the advancement of our preclinical pipeline, and continuing to support our existing partners with implications for incremental milestone revenue. Elaine will address this component in her next remarks. Before we continue with the call, I want to acknowledge that the current macro and regulatory environment in the United States poses some significant uncertainties for vaccine companies. However, we remain optimistic about the future of vaccines and of Novavax. Deadly diseases are here to stay. And people still need proven approaches to protect themselves and their loved ones from those diseases. This is a long-term, serious, and meaningful endeavor to be part of, not a short game. And with continued execution of our growth strategy, we intend to see our technology fueling multiple new vaccines and immunotherapeutics across multiple partner portfolios with the potential to save millions and potentially even billions of lives over time. driving significant value for our stakeholders and leaving a global health legacy we can all be proud of. We look forward to the year ahead and we approach it with enthusiasm. And with that, I'll turn it over to Elaine to talk about our business development efforts. Elaine.