On Tuesday, March 11, 2025, Novavax (NASDAQ: NASDAQ:NVAX) presented at Leerink’s Global Healthcare Conference, outlining a strategic pivot towards research and development innovation and partnerships. While the company is optimistic about its promising collaborations, it also faces challenges, including the need to reduce costs and maintain a strong financial position.
Key Takeaways
- Novavax plans to outlicense its COVID-Influenza combination vaccine and standalone flu vaccine to reduce costs and focus on core strengths.
- The company has secured a significant partnership with Sanofi (NASDAQ:SNY), integrating Novavax’s COVID vaccine technology into Sanofi’s flu vaccines.
- Novavax is emphasizing its Matrix-M adjuvant platform, which has attracted interest from top pharmaceutical companies.
- Financially, Novavax reports approximately $1 billion in cash and aims to reduce infrastructure costs.
Financial Results
- Novavax is focusing on building a robust cash runway with around $1 billion in cash on hand.
- The Sanofi deal includes a $570 million upfront payment, equity investment, and $700 million in near-term milestones.
- Royalties from the Sanofi partnership range from mid-single digits to low twenties, depending on sales tiers.
- The company is committed to reducing expenses and aligning costs with its R&D focus.
Operational Updates
- The partnership with Sanofi aims to combine Novavax’s COVID vaccine with Sanofi’s flu vaccines, marking 2025 as a "learning year."
- The FDA PDUFA date for Novavax’s COVID vaccine is in April, and approval is anticipated.
- A Phase III program is underway for a combination vaccine with a 2,000-patient cohort, which Novavax plans to outlicense.
- Novavax retains exclusivity for its Matrix-M adjuvant and has signed MTAs with two top pharmaceutical companies.
Future Outlook
- Novavax intends to amplify its technology globally and focus on R&D innovation and strategic partnerships.
- The company is optimistic about the potential of Matrix-M and aims to have early-stage programs IND ready by next year.
- Plans include partnering with a government to develop an H5N1 vaccine.
Q&A Highlights
- Interaction with the FDA remains consistent, with no expected changes in the approval process.
- There is a high consumer and healthcare provider preference for combination vaccines.
- Novavax is in a strong position to negotiate favorable royalty rates, using the Sanofi deal as a benchmark.
- Early-stage programs are selected based on unmet medical needs and potential business development opportunities.
In conclusion, Novavax’s strategic shift towards innovation and partnerships was a focal point at the conference. For further details, readers are encouraged to refer to the full transcript below.
Full transcript - Leerink’s Global Healthcare Conference 2025:
Dave Reisinger: Alrighty. Well, thank you everybody for joining. And for those of you who don’t know me, my name is Dave Reisinger, and I’m very much pleased to welcome a number of members of the Novavax senior leadership team to be with us here today. Thank you for making the trip to Miami. Our pleasure.
Much appreciated. So, to my immediate left is John Jacobs, company CEO. Ruxandra Draghia-Akli, who, is, I guess your formal title is head of r and d, but maybe it’s more scientific or technical than that. Did I get that correct?
Ruxandra Draghia-Akli, Head of R&D, Novavax: Yes. I had the pleasure of joining Novavax to head the r and d activities.
Dave Reisinger: Excellent. Excellent. And then, obviously, Jim Kelly, who is the company’s CFO. So thank you for joining us. So I thought it would be great to have you kick off, John, with your vision for the company and, and where you’re taking Novavax.
John Jacobs, CEO, Novavax: Look, we we envision a a future Novavax where our technology is amplified to impact billions around the world and really transform health care through our vaccine technology platform, David. And the last two years has been focused on really cleaning up our P and L, building a good cash runway and beginning to really frame the monetization of our technology and the broadening of its utility throughout the industry. It’s very exciting. And so we we’ve achieved that so far, and now we enter 2025 in a new chapter for the company’s history under a new strategy for growth. And rather than trying to market one product that we made from our technology platform against world leaders with a lot of leverage and muscle in the marketplace, we’ve out licensed that to a Sanofi, a leader in in global vaccine commercialization and development.
And now we’re focusing back to what we’re best at, what we like to do as a company and back to our roots. That’s r and d innovation and partnering in more business development. So through those two vehicles, we intend to drive future value for the company. Very exciting time in the company’s history.
Dave Reisinger: Excellent. Well, yes, it’s great to have you, particularly after you set the stage with your recent disclosures. So with respect to what you had touched on in terms of nabaxavir and Sanofi leading the commercialization efforts, I know that there’s limited there are limited things that you can say because Sanofi has to make its own statements and its own disclosures. Correct. And and obviously, you’re, you know, deferring to Sanofi as as is appropriate.
But how would you characterize, you know, what they’ve said and and and how are you positioning it, for Novavax investors?
John Jacobs, CEO, Novavax: Well, thank you for that setup. And obviously, as you noted, you know, we won’t and can’t speak for them as good partners, but we’re very excited that they have our technology in their hands. Sanofi brings a global infrastructure that’s been proven to succeed in commercialization. They’re the leader in the 65 plus arena with their flu zone high dose in the flu marketplace, and we’re so excited that they’re combining our COVID vaccine with two of their flu vaccines that they announced at the end of last year. And that this year is the first year, and they’ve called it a learning year, David, in their disclosures.
Twenty twenty five, as we still await full licensure from FDA, our pending PDUFA is in April of this year. So should that be successful, then our new vaccinated, our COVID vaccine will be under full licensure this year. It’s Sanofi’s first year taking on a COVID vaccine, our vaccine, to market alongside their flu, and they’ve couched it as a learning year in 2025. But most importantly, they’re taking that technology and combining it with our world leading flu vaccine, the flu zone high dose, as well as their other flu vaccine that targets the fifty to sixty four age group to make an attempt at two combination products with our COVID vaccine. Should they succeed and then bring those forward and market them in the future, that could be, along with our NuVaxavid, three products that we would be generating royalties from with a world leader in vaccine commercialization.
We’re very excited that they have the product, and we’re glad to have them as a partner.
Dave Reisinger: Excellent. Is there anything, more that you can say about that PDUFA in April? Obviously, it’s a bit of a whirlwind in DC, but then again, evasive it is a well proven product.
John Jacobs, CEO, Novavax: That is true. All I can say about that is that we’re in we think that and believe that we are on track for that, and we’ve seen consistent interaction from FDA with nothing has changed in their Nothing
Ruxandra Draghia-Akli, Head of R&D, Novavax: has changed.
John Jacobs, CEO, Novavax: Rigor in their communications with us beyond what we would expect as a normal process. So we look forward to see what the outcome is in April.
Dave Reisinger: Excellent. That’s great. And then, it would be great to hear more about, the late stage combo program. Would appreciate, your your perspectives.
John Jacobs, CEO, Novavax: There’s, two aspects to that, David. I think they’re important to share with our audience today. One is the business side, and then I can hand it over to Roxandro and Jim for further commentary on clinical, and if you’d like to add anything, Jim, to that. From a business perspective, David, we’ve said publicly that it’s our intention to outlicense that asset or both of those assets to a partner. So we have an active Phase III program right now.
We initiated with a 2,000 patient cohort, which is not a complete Phase III, but it’s an initial cohort of roughly 2,000 patients to generate additional safety and immunogenicity data that would help inform a final Phase III approach for potential licensure of the asset. That will end our commitment to investment in the product. As this 2,000 patient cohort or so wraps up and we wrap up our dialogue with regulatory agencies on the best pathway forward, That data should further inform a potential partner, should we identify a partner and get that done, to form an appropriate Phase III approach toward an intended licensure of the product and then commercialization. But it’s our goal to partner that out, reducing our expenses, our infrastructure and our cost basis to be much more in line with our R and D focus and our partnering focus and allow a partner to bring those assets forward should we get a partner aligned for it. It?
That’s our intent. Anything to add, Rox or Jim, to that?
Ruxandra Draghia-Akli, Head of R&D, Novavax: So we focused on these 2,000 individuals cohort to begin with, as John has mentioned, to add to the safety database for this particular category of individuals of older than 65 with a combination vaccine, and then generate, immunogenicity data that will help our partners design a better phase three. For instance, in the statistical methodology based on the data that is generated in this first cohort, one can how many individuals can be enrolled in a phase three. That’s a for example. So we are very excited. Data should come by mid year, and we will surely share it with everyone when it becomes available.
Dave Reisinger: Got it. And can you just provide a little more color? You said you have an intention to outwise since both assets. Correct. So just explain on that more.
Meaning, you have the combo, but are you when you said both assets, you’re talking about that single combo or an additional combo?
John Jacobs, CEO, Novavax: Thank you for that. So let me clarify, David. So we have two actual assets in the one program that we’re assessing. I see. The first is our what we call our CIC or combination influenza COVID vaccine.
And then secondly, we also have a standalone flu vaccine that’s being assessed in that program. So it would be our intention to outlicense both if possible.
Dave Reisinger: Yeah. Got it. Okay. Excellent.
Jim Kelly, CFO, Novavax: I would say, David, that the combination, QIC market and and also flu and COVID is a really good example of how we’re seeking to leverage our technology across multiple players. We don’t have to be the only one to develop a product to win in a category. So to take a look at the size of this market and how we’re approaching it, Global COVID is nine billion. Right? Global flu is eight billion.
A large portion of each of the individual are going to combine into the this combination market. Sanofi sees it. That’s why they’re developing not one but two products in the area. We’ve got a third. And the way we see it is we’ve got a technology that can play a role across multiple manufacturers.
Will be agnostic. We’ll continue to partner across innovators
John Jacobs, CEO, Novavax: and just have our technology help others win and will benefit. Take that logic and apply it across the entire 75,000,000,000 vaccine market. That’s what we’re doing. So that’s well said, Jim. And so what do we have to partner with, David?
Right? If we’re taking a two pronged approach to driving value for the future Novavax, one through r and d with Ricksandra’s leadership, generating new assets out of our pipeline, early proof of concept with the intention of out licensing those to partners and creating collaborations with partners who can help to fund and bring those to full commercialization. Secondly, we have our proven MatrixM adjuvant platform. MatrixM, we believe, has applicability across multiple vaccine platforms. So you can either add MatrixM to existing vaccines, and we believe mRNA, polysaccharide based, protein based, other types of platforms that may exist already in the market and potentially make those vaccines more immunogenetic without adding to the the the to the side effects profile and potentially less expensive to manufacture reducing COGS because you require less antigen to get a similar or greater effect using matrix m.
So that could be beneficial to companies who are looking to defend the current franchise from competition, to strengthen a current offering that they have right now, or to take on competitors as they’re seeking to build out a pipeline. If you’ve missed in development and you’re a company who wants to add some new vaccines to your pipeline, MatrixM may be, in some instances, they’re a solution to help bring something forward where you couldn’t have done so before. So we can help other companies to expand their portfolios in the development phase. We can help them to protect existing vaccines through life cycle management by adding and mixing MatrixM to what they have. And in our Sanofi deal, we did not give MatrixM to Sanofi exclusively.
We maintained exclusivity for Novavax. So they have unfettered access to MatrixM as part of that deal with Sanofi last year with the exception of their flu vaccine. They can’t add it to that. But anything else, every new asset they create with MatrixM, we are eligible for up to 200,000,000 in sales milestones as well as single digit royalties for two decades after launch. That’s in addition to any royalties we would generate from their sales of our COVID vaccine or if they succeed, sales of either of their combination vaccines with our COVID.
So that deal has opportunity for us in the near term, the midterm, and the long term as well as Sanofi for a win win, yet we retain the IP. We retain the exclusivity and the ability to outlicense that very same tech platform to anyone else we want to in the industry so they can help advance their own portfolios, even if it means competition for ourselves and for Sanofi. So final point there, if you had three combination vaccines or four in the market, let’s say Moderna (NASDAQ:MRNA)’s is out there, let’s say Sanofi gets both out there somehow and then we find a partner and execute that, in that scenario, you would have four combination vaccines, three of which would be generating royalty revenues for Novavax.
Ruxandra Draghia-Akli, Head of R&D, Novavax: I think that another element to remember is is that the consumers, as well as the health care providers, are highly preferring combination vaccines. Consumers, the latest study, was somewhere between 6070%. Health care providers is more than 80%. So adding metrics to these different combinations will allow a lesser antigen dose, for instance, or a higher immunogenicity with an adjuvant that has a very favorable safety tolerability profile. So, again, it’s a win win no matter what combination you are going to put together if we are adding metrics on the top of it.
And the fact that we are currently generating data metrics plus different vaccine platforms will help us in building those relationships that John is talking about.
John Jacobs, CEO, Novavax: Well, Sedrak, so MatrixM can actually help to facilitate the development of combination vaccines.
Ruxandra Draghia-Akli, Head of R&D, Novavax: Exactly.
John Jacobs, CEO, Novavax: Because by its nature, it allows you to reduce antigen load. Therefore, you can put more antigens in, take on more diseases with one shot in its most simple form without adding too much to the tolerability profile in a negative way. So that’s what’s possible with MatrixM. Certainly, no one technology is pushing for everything. It won’t work for everything, but that’s the potential of this tech platform.
Dave Reisinger: Excellent. That’s a great rundown. Thank you. So with respect to, you know, following on, so last week, you announced a material transfer agreement for MatrixM. Could you just provide some additional color on that?
I’d like to provide a lot more. I can’t do that yet. But what I
John Jacobs, CEO, Novavax: can say is, look, beyond Sanofi, two top 10 pharmaceutical companies defined by revenue, global revenue, have signed MTA agreements with Novavax to experiment with MatrixM in their portfolios. So as we said earlier, we believe MatrixM has applicability to be added on to existing vaccines and or help other companies bring vaccines forward or enhance that development in their pipeline. So with Sanofi and two additional top 10 companies now experimenting with Matrix, we’re excited about what that might mean. What it could mean theoretically is should those companies have success in their early experiments in the lab, they may want to come into a license deal with Novavax, for instance, to go into full clinical development on an asset or more. We’ll have to see how that plays out.
It has to work. It has to fit strategically with what they want, but that MTA is an important first step and formal step to getting access to our adjuvant and actually working with it in their laboratories to see what utility it may have.
Dave Reisinger: And maybe you could just talk a little bit more about that. So just so we have a sense and not that I’m going to really expect you to put odds on it, but how do you think about the likelihood that they could have success in their laps? So with early stage deals, a lot of times, the investment community thinks, well, maybe there’s three percent odds of success of an early stage type of exploratory assessment, right, for early stage biotech. But obviously, this is something completely different.
John Jacobs, CEO, Novavax: It’s a proven platform.
Dave Reisinger: Yes. That not that I’m asking you to put the odds on it, but could you just contextualize, you know, how validated MatrixM is and and how one should think about the optionality that an arrangement like that creates for the company?
John Jacobs, CEO, Novavax: I’ll just I’ll say one thing that we’ve already shared in the public domain as a potential proof point or at least to give a bit of confidence that there’s a reasonable chance for success depending on the type of antigen or product selected to mix MatrixM with and that we took a vaccine that was publicly available last year, added MatrixM to it and in one of our earnings calls in the second half of last year, shared top line data from that initial experiment showing that we were able to increase immunogenicity with that marketed product and therefore potentially also reduce the cost of goods for a product like that, making it perhaps more attractive, more defensible against competition, more aggressive versus competition, etcetera, in its product profile. So that’s just one example where we’ve already seen early laboratory success in that type of experiment with a currently marketed product, though we didn’t disclose which one. We did say it was a pneumococcal vaccine. So very interesting. Just one of many examples.
Rox, anything to add on that?
Ruxandra Draghia-Akli, Head of R&D, Novavax: Yeah. Another good example would be the malaria vaccine, r twenty one. Yeah. We have seen that, that vaccine has the potential to complement whatever is available out there, for the prevention of malaria. It’s a vaccine that is given to pediatric population.
So I think that is a win win in both sides. So you’re protecting from malaria, but the data, the safety data that is generated from those vaccination is very impressive because we are talking about pediatric populations. They are as young as five months of age, and it still works. So, while, obviously, as John was mentioning, we cannot extrapolate to every pathogen, to every antigen, to every platform, the data that we have seen both internally and in testing these other different platforms is very encouraging.
John Jacobs, CEO, Novavax: And we’ve said that publicly that, you know, we’re active under Ruxandra’s leadership and testing in the lab, our matrix M with available vaccines and with different vaccine platforms, mRNA, polysaccharide, protein based vaccine platforms to show potential platform utility as well. And then as our business development team or our strategic team is meeting with other pharmas, you know, we we assemble the data that we’ve been able to generate, that may be enticing that may be enticing to them to start to consider and prove it out for themselves. Again, there’s no guarantees in science, right? So we’d never make any promises and get over our skis on this. And when you have the data, you have the data.
But we feel excited and relatively confident that there’s a good opportunity and good chance that in certain circumstances, MatrixM could really make a difference.
Dave Reisinger: And let’s say that that is the case. So let’s say that, you know, that, you know, that collaborating company comes back to you in 2026 and says, we’re really excited about what MatrixM can do. We want to pay you a 3% royalty. Why wouldn’t if it’s important to them for a blockbuster franchise that has very little SG and A in most cases, why wouldn’t, Novavax say, well, that’s wonderful. We’re glad that we were able to tease your interest and now you’re excited, but we think 12% is more appropriate.
I guess what I’m trying to say is for potentially very large revenue products, it would seem that you would have leverage if the validation is there for maybe higher royalties than I don’t know, I’m making it up, whatever you might just put on a piece of paper to start, you know, a thought process about, you know, what royalties you should be asking for. Any thoughts on that?
John Jacobs, CEO, Novavax: So, yeah, I have ton of thoughts on that. But what I can what I can share with you on on that is, look, take a look at the Sanofi deal. I would ask our audience and our investors to take a look at the parameters of that deal with $1,200,000,000 in an upfront and potential near term milestones. So it was $570,000,000 upfront roughly between the upfront cash payment and the investment in our equity as a company, and then 700,000,000 in near term milestones related to roughly half of that related to the transfer of NuVaxavir, our COVID vaccine to Sanofi into the marketplace, including a BLA approval, should that happen? And then the other half tied to their advancement of their own combination programs of which, as we said earlier, they started to, both of which are fast tracked by FDA, by the way, last year.
So interesting. Interesting. And there were also different tiers of royalties, Jim, right, associated with different elements of that contract. So when you look at the overall value of that Sanofi contract and the different tiers of royalties from mid single digit up to the low twenties, depending on where you are with which asset and how that plays out in sales tiers and things. That’s the range that we were able to negotiate with Sanofi, a very sophisticated vaccine company that develops and commercializes that successfully.
They saw what we have and they moved in that direction. So I wouldn’t say that’s your guidepost, but it’s at least a floor that you would consider looking at and saying Novavax ought to be able to negotiate something reasonable for this technology. And the last point is without promising any percentages or any outcome in the negotiation, we’re in a much stronger position, David, now than we were the last two years. Right? So we now have a much healthier balance sheet that Jim can help to to clarify for investors here today if you have questions about that.
Roughly a billion dollars in cash on hand and a good runway ahead of us and proof points from Sanofi to our own COVID vaccine to the, you know, the, the r twenty one vaccine that Ricksandra alluded to earlier for malaria that’s out in the marketplace. Our proven platform, strong partner, world leader in Sanofi is a great partner, and a validated proof points on our tech moving forward that we think give us leverage in negotiations.
Dave Reisinger: Excellent. That’s great. And I do want to come back to the financials towards the end. But I’d love to also have you touch know, how you’ve selected some of your early stage programs and what we should be watching next on that front.
Ruxandra Draghia-Akli, Head of R&D, Novavax: So the the choice was through a very systematic exercise where we started with the BD implications, the unmet medical need, and where we thought that our platform actually can create a difference. And in the four areas where we selected to play, the reasoning was a little bit different for each and every one of them. So, of course, if we are starting with a history of the company focused on respiratory pathogen, h five n one was a normal follow-up. Yeah. It is a program that we hope that would be adequate for a partnership with a government.
That is not something that one would develop in any of the companies by themselves. Going a step forward, the RSV combination, there is, definite unmet medical need when it comes to combinations. As I’ve mentioned a few minutes ago, it is very interesting to consider that we are not talking about RSV. There are plenty of RSV only vaccines there, but really looking at combinations, combination that might be given at the same timing regimen as RSV, simplifying the administration and covering a larger number of pathogens. The next choice was V SV there.
The choice was really linked to, can we create a difference using metrics and design a vaccine that would have the same efficacy as the currently available vaccine, but really tackle the tolerability issue. We know that maybe twenty to forty percent of individuals who are vaccinating with the first dose are not going for the obligatory second dose because of the adverse effect profile, and many individuals are choosing not to get vaccinated. So we think that we have a billion or more, you know, market out there, where a lot of the individuals that would be actually targeted for that vaccination are not. And then finally, we have chosen C. Diff.
That’s a very different, again, evaluation. We are talking about, a disease where there isn’t an approved vaccine. Yeah? And where we think that with our new computational biology, AI, machine learning, and then learning also from the failures in the past from this competitive landscape, we can design a better vaccine. We have some preliminary data that is encouraging, has been published some years ago, but we took back and we’ve looked at how that can be improved and tackle, that unsolved, actually, medical issue.
John Jacobs, CEO, Novavax: Thank you, Roxanne. So we have our our technology platform itself, David, including our matrix management, which is really the core and the heart of value in that tech that we can out license to other parties to help make their vaccines, either better from a development perspective, more higher odds of success, and or help existing products they may have. What Roxanne is describing is our new preclinical assets, four of them. So these are very early stage. We’re working on early proof of concept steps to bring them towards IND.
And hopefully, as soon as next year, we could have one or more of those IND ready, but we have to prove that out first with the data. So the theory is that with the bird flu or pandemic flu, h five n one vaccine, we might be able to, and we’re hopeful that we can deliver a vaccine in that scenario in partnership with government that might be one shot versus two. That maybe the natural immunity people have plus regular flu vaccine could serve already as the precursor, and this would almost be a boost, whereas other technologies might not be able to deliver that. So imagine if you could have a non mRNA protein based option as an alternative that might, if we succeed in what we’re targeting, we have to prove it out with the data and see how that plays out, but potentially offer that in one dose versus two. In a pandemic where you might have a dangerous level of lethality to that pathogen, it would be nice to impart immunity faster from that regard.
So that’s the potential, and that’s what we’re seeking to try to prove out. C. Diff, no one’s been able to do that yet in the form of a vaccine, though outstanding companies are trying in that direction. We think our tech affords some advantages that could give us a chance to succeed there where others have not been able to. And also, there’s a wealth of learning from past failures of other companies and our own experiments that we can build upon to give us better odds for potential success.
So the value proposition there would be we might be able to be the first to pull it off. Let’s see what happens. With shingles vaccine or VSV, as Rex was saying, we would hope to develop a product profile that would have similar efficacy, at least competitive efficacy with the gold standard now, which is a very effective vaccine, but offer that with a much better tolerability profile. And perhaps if it works out, even one shot without the need for a booster. Yet to be proven, again, preclinical, but that’s the profile we’d be seeking.
RSV would be a triple combination and a vaccine that wouldn’t interfere with the schedule of other vaccines. Right? So it’s very difficult to combine an RSV with a flu, for instance, or a COVID. Not technically, but certainly from a scheduling perspective where you may have once every few years that combo and then back to the individual shots in between and then again versus one that’s always on a regular routine schedule with the triple. And so that’s the value proposition we’re looking to prove with data.
Until we have the data we don’t have it, but these are low cost investments at this very early stage right now. And we believe in our platform and we’re excited and we’re very selective to target markets that have, you know, billion dollar plus opportunity should you succeed with those types of profiles.
Ruxandra Draghia-Akli, Head of R&D, Novavax: And asking different questions for each and every one of these early programs. So, again, with this view of partnering, developing different opportunities for partners to come in.
John Jacobs, CEO, Novavax: And what partnering would enable should we succeed with the data and then attract partners to these? And that was also one of our filters was how attractive would this be, right, to partners. When we made the decision to pursue it, would be we could theoretically, should we find partners early on for these things, monetize these assets sooner than if we held on to them ourselves all the way through phase three, right, to a commercialization, then have to maintain all that infrastructure and expense, which is not where we’re expert, right. Where we’re expert is on the tech side. We have a great proven platform and that partnering and working in collaboration with others to achieve the outcome we desire on it.
Dave Reisinger: Excellent. That’s, that’s very helpful perspective. Thank you. Thank you. Oh, I think we are out of time, but why why don’t we just touch on, I guess, the financials will refer, if you don’t mind, to your last disclosures.
I just, you know, would like you to touch on quickly Washington. Just quick thoughts, just, you know, any, potential implications for the vaccine space? Lots of noise currently, but we’d love your thoughts.
John Jacobs, CEO, Novavax: Certainly lots of noise. It has not dampened our enthusiasm for our mission, our vision, and our technology and the potential, nor has it in potential partners as just over the past weekend, right, that we announced a large pharma signed an MTA to experiment with MatrixM. So it doesn’t seem to be slowing down those of us who understand the value of vaccines and how they’ve really helped to change global health in a massive positive trajectory over the last hundred and fifty plus years since the since we’ve been helping humankind with this type of technology go forward. So we’re not discouraged at all. We we share with the current administration the desire to improve the health of all Americans and, frankly, people around the world.
And we think in partnership with them, there’s a lot of common ground there to work from. And for Novavax, David, you know, you asked earlier about our BLA. We haven’t seen a change in the pace of FDA and the types of questions we’re getting.
Jim Kelly, CFO, Novavax: That’s right.
John Jacobs, CEO, Novavax: You know, we’re not making any promises about what’s happening on the government side, but all we can do is reflect, you know, our opinion of what we’re seeing, and the energy towards us has remained very consistent and the same. So we remain optimistic. Let’s see how much of a distraction this may be currently versus an impact over time, but we still believe in vaccines. We’re optimistic and look forward to partnering with the administration to improve health.
Dave Reisinger: Wonderful. That’s a great way to wrap it up. So thank you so much.
John Jacobs, CEO, Novavax: Thank you very much. Appreciate your patience. You having us here today. Thank you.
Dave Reisinger: Thank you.
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