Boston, MA 05/08/2014 (wallstreetpr) – A notable clinical-stage biomedical company, Novavax, Inc. (NASDAQ:NVAX), has reported its financial report on May 7, 2014. The company specialized on development, discovery as well as commercialization of recombinant nanoparticle vaccines along with adjuvant revealed its many awaited financial earnings for the quarter ended March 31, 2014.
Successive loss
According to the biopharmaceutical company, the first quarter’s financial statistics suffered significantly. It has registered a net loss of $13.8 million or $0.07 per share in the 1Q2014. However, it needs mention that the company eventually registered loss consecutively in 2013 and 2014. Novavax, Inc. (NASDAQ:NVAX) faced a slip of $10 million or $0.07 per share in the previous year.
Better revenue
However, it seems that the revenue result can give some life to the company. Novavax, Inc. (NASDAQ:NVAX) generated net revenue of $3.8 million in 1Q2013, which increased by almost 95% this year. The revenue generated by Novavax in the first quarter is $7.5 million. The company believes that a significant increase is due to the higher level of performance on Phase I and Phase II of clinical trials in the beginning periods.
Unexpected R&D expenses
The R&D expenses due to various clinical works leaped from $9.3 to $14.5 million within 12 months. A 57% increase on R&D expenses created instability in few areas. The growth of the company was also affected due to such mass increase in additional costs. The general and administrative expenses, which includes professional fees, employee related costs and many more also moved up 50% this year. The expenditures, which were nearly $3 million in 2013’s first quarter, increased to $4.3 million in 2014’s first quarter.
Lower cash and cash-equivalent
Novavax, Inc. (NASDAQ:NVAX) showed a $133.1 million of cash and cash-equivalent as of December 31, 2013. The amount declined to $112.8 million as reported till March 31, 2014. The net operating cost for the first quarter of 2014 was $20.2 million, which in 2013’s same period was $10.6 million. The operating cost increased due to various laboratory and experimental work, said the eminent personalities of the company.
