Novavax, Inc.

Good morning and welcome to the NOVAVAC's first quarter 2026 financial results and operational highlights conference call. All participants will be in a listen-only mode. Should you need assistance, please signal the 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 followed by the digit one on your touchtone. To withdraw your question, please press star and then digit one once again. Please note, this event is being recorded. It is now my pleasure to turn the conference over to Jim Kelly, Executive Vice President and Chief Financial Officer. Please go ahead. The floor is yours, sir.

Good morning, and thank you for joining us today to discuss our first quarter, 2026, 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, cost 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 www.sec.gov and on our website at www.novavax.com. The forward-looking statements in this presentation are 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, including total adjusted revenue and combined R&D and SGE expenses, less partner reimbursements, and non-GAAP profitability. Please turn to slide four. Joining me today is Sean Jacobs, our president and CEO, Elaine O'Hara, chief strategy officer, and Bob Walker, head of R&D. Please turn to slide five. I would now like to hand the call over to John.

Thank you, Jim. I'm excited to be here today with members of our executive team to share our first quarter, 2026 financial results and operational highlights. Novavax ended the first quarter having made significant progress against our top priorities and growth strategy, which is designed to deliver value via three key strategic pillars, partnering our technology, capital efficient R&D innovation, and a lean and efficient operating model supporting our efforts. Please turn to slide six. Our ambition is clear, to build a future Novavax with multiple partners, both large global pharmaceutical companies and smaller, highly innovative biotechs using our technology platform to develop and commercialize multiple vaccines across a wide array of infectious disease and oncology targets. and we intend to build upon the business from our current base of existing partners that includes near-term milestone and royalty opportunities from Sanofi related to Nuvaxavid and their KIC programs, royalties from Takeda, and potential milestones from our new partnership with Pfizer. As we advance this strategy, the opportunity is vast. We are targeting the combined global market for infectious disease and oncology vaccines and immunotherapeutics which is projected to grow to over $100 billion by the early 2030s. I am pleased to say that since we launched our new strategy in 2025, we are seeing significant progress, and we continue building on that momentum. In January, we announced a new partnership with Pfizer for a non-exclusive license to utilize MatrixM in two infectious disease areas, with one already named. Our partnerships with Sanofi and Pfizer have the potential on their own to generate billions in revenue from milestone and royalty opportunities. Specific to Sanofi, to date, our partnership has delivered over $800 million in revenue while enabling us to remove the cost burden of maintaining a global commercial infrastructure. In the last week, we signed a new MTA with another top 10 pharma company who is also a global leader in oncology to explore MatrixM and a broad array of oncology targets. as well as antibiotic-resistant bacterial infections and other infectious diseases. And beyond this exciting new collaboration, we also deepened two of our relationships with current MatrixM licensees, resulting in one, a new MTA to enable access to MatrixM for preclinical testing in up to nine additional identified infectious disease areas, and two, an expanded MTA collaboration to explore an additional field, And finally, we signed a new MTA with a small innovative oncology company earlier in the quarter. We now have either licensing partnerships or MTA collaborations with four of the top 10 global pharma companies and several other innovative companies who collectively have the rights to explore over 30 unique indications or fields across both infectious diseases and oncology. Together, these partnerships target diseases that make up more than half of the projected $100 billion combined infectious disease and oncology vaccines and immunotherapeutics market. Given the breadth of the near-term opportunities before us with Sanofi and Pfizer and the potential additional opportunities currently being contemplated by our partners and via our many MTA collaborations, We believe our business model has the potential to deliver billions of dollars in revenue over time. One of the things that makes this strategy compelling in our opinion is its capital efficiency. Rather than maintaining our own costly infrastructure, we leverage the scale and investment of world-class partners in oncology and infectious disease, while potentially generating cash flow earlier for Novavax through upfront payments and development milestones. well ahead of what a traditional development to launch path would enable. And of course, our third pillar is to execute this strategy with a lean operating model that retains our core capabilities in R&D. This R&D work will be led by Dr. Bob Walker, who is, as we announced recently, our new head of R&D. Bob most recently served as Novavax's chief medical officer, and we are confident that he's the right leader for our R&D efforts. As we look further into 2026, we remain focused on several key priorities. First, executing on existing partnerships, including supporting Sanofi's efforts for the fall season and supporting Pfizer's efforts to advance their first field to clinical readiness. Second, pulling through progress on MTA collaborations into potential future licensing agreements. Third, advancing capital-efficient R&D innovation as an engine for future partnerships. And fourth, continuing to drive down our costs while maintaining key capabilities. We believe the future is bright for Novavax as we continue to execute on our strategy. And with that, I'll turn it over to Elaine to talk more about our partnering efforts. Elaine?