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Novavax is founded. Protein-nanoparticle vaccines plus Matrix-M adjuvant are the platform; COVID is the first large commercial test.
FDA issues EUA for Novavax COVID-19 vaccine, adjuvanted (Nuvaxovid) on 13 Jul 2022 for adults. Protein plus Matrix-M, not mRNA.
FY 2025 revenue $1.123B, mostly APA settlement. 2026 adjusted revenue guided $230M to $270M with Sanofi leading selected-market commercial.
Matrix-M licensed to Pfizer (15 Jan 2026). Adjuvant IP is now a separate cash story from Nuvaxovid volumes.