Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Our common stock trades on the Nasdaq Global Select Market under the symbol “NVAX.” Our common stock was held by approximately 129 stockholders of record as of February 24, 2021, one of which is Cede & Co., a nominee for Depository Trust Company (“DTC”). All of the shares of common stock held by brokerage firms, banks and other financial institutions as nominees for beneficial owners are deposited into participant accounts at DTC, and are therefore considered to be held of record by Cede & Co. as one stockholder. We do not anticipate declaring or paying any cash dividends in the foreseeable future.
Securities Authorized for Issuance under our Equity Compensation Plans
Information regarding our equity compensation plans, including both stockholder approved plans and non-stockholder approved plans, is included in Item 12 of this Annual Report on Form 10-K.
Performance Graph
The graph below compares the cumulative total stockholders return on our common stock for the last five fiscal years with the cumulative total return on the Nasdaq Composite Index and the Russell 2000 Growth Biotechnology Index (which includes Novavax) over the same period, assuming the investment of $100 in our common stock, the Nasdaq Composite Index and the Russell 2000 Growth Biotechnology Index on December 31, 2015, and reinvestments of all dividends.
COMPARISON OF 5 YEAR CUMULATIVE RETURN*
Among Novavax Inc., the NASDAQ Composite index
and the Russell2000 Growth Biotechnology Index
*$100 invested on 12/21/15 in stock or index, including reinvestment of dividends.
Fiscal year ending December 31.
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Value of $100 invested on December 31, 2015 in stock or index, including reinvestment of dividends, for fiscal years ended December 31:
12/31/15 12/30/16 12/29/17 12/31/18 12/31/19 12/31/20
Novavax, Inc. $ 100 $ 15.02 $ 14.78 $ 21.93 $ 2.37 $ 66.45
NASDAQ Composite $ 100 $ 108.87 $ 141.13 $ 137.12 $ 187.44 $ 271.64
Russell 2000 Growth Biotechnology $ 100 $ 79.71 $ 127.4 $ 105.07 $ 153.35 $ 238.36
This graph is not “soliciting material,” is not deemed “filed” with the SEC and is not to be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.
Item 6. SELECTED FINANCIAL DATA
The following table sets forth selected financial data for each of the years in the five-year period ended December 31, 2020, which have been derived from our audited consolidated financial statements. The information below should be read in conjunction with our consolidated financial statements and notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Annual Report. These historical results are not necessarily indicative of results for future periods.
Year Ended December 31,
2020 (1)
2019 (2)
2018 (3)
2017 (4)
2016
(in thousands, except per share amounts)
Statements of Operations Data (5) :
Revenue $ 475,598 $ 18,662 $ 34,288 $ 31,176 $ 15,353
Net loss (418,259) (132,694) (184,748) (183,769) (279,966)
Basic and diluted net loss per share (7.27) (5.51) (9.99) (12.56) (20.68)
Weighted average shares used in computing basic and diluted net loss per share 57,554 24,100 18,488 14,633 13,540
As of December 31,
2020 (1)
2019 (2)
2018 (3)
2017 (4)
2016
(in thousands)
Balance Sheet Data:
Cash and cash equivalents, marketable securities and restricted cash $ 806,387 $ 82,180 $ 103,939 $ 186,427 $ 270,383
Total current assets 1,248,203 97,247 119,276 203,311 287,830
Working capital(6) 668,531 71,452 73,737 129,636 221,424
Total assets(7) 1,582,479 172,957 207,978 302,493 394,301
Long-term debt 322,035 320,611 319,187 317,763 316,339
Accumulated deficit (1,874,199) (1,431,801) (1,299,107) (1,114,359) (929,996)
Total stockholders’ (deficit) equity 627,209 (186,017) (167,935) (101,732) (5,546)
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(1) In 2020, we had sales of 32.4 million shares of common stock and we sold 0.4 million shares of preferred stock, which were converted to 4.4 million shares of common stock in the fourth quarter 2020, resulting in total net proceeds of approximately $1.1 billion.
(2) In 2019, we had sales of 13.0 million shares of common stock resulting in net proceeds of approximately $98 million.
(3) In 2018, we had sales of 2.9 million shares of common stock resulting in net proceeds of approximately $100 million.
(4) In 2017, we had sales of 2.5 million shares of common stock resulting in net proceeds of approximately $63 million.
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(5) All share and per share amounts have been retroactively restated for all periods presented to reflect the Reverse Stock Split (see Note 12 to the accompanying consolidated financial statements).
(6) Working capital is computed as the excess of current assets over current liabilities.
(7) In 2019, the Company adopted ASU 20160-02, Leases (Topic 842), under which the Company recorded right-of-use assets associated with its leases on the consolidated balance sheet (see Note 7 to the accompanying consolidated financial statements).