Novavax Reports Second Quarter 2015 Financial Results Gaithersburg, Md.

Novavax Reports Second Quarter 2015 Financial

Md., August 10, 2015 - Novavax, Inc., (Nasdaq: NVAX) a clinical-stage vaccine company focused on the discovery, development

and commercialization of recombinant nanoparticle vaccines and adjuvants, today announced its financial results for the second

quarter and six months ended June 30, 2015.

Second Quarter and Subsequent Achievements:

details on this data are available via a multimedia news release:

have been committed to delivering preliminary results from four of our clinical programs during the second and third quarters of

this year. In the last month, we have delivered positive top-line data from three clinical trials; our RSV F Vaccine for older

adults, Seasonal Influenza Vaccine, and Ebola GP Vaccine. In addition, our RSV F Vaccine Phase 2 trial to protect infants via maternal

immunization is scheduled to report later this quarter. In doing so, we demonstrate the breadth and power of our recombinant vaccine

technology," said Stanley C. Erck, President and Chief Executive Officer of Novavax. "The results from these clinical

trials provide us with the foundation to determine the next steps in the development plans of these programs. Given the positive

top-line Phase 2 data reported today, we look forward to discussions with the regulatory authorities and the opportunity to pursue

our goal to initiate a Phase 3 clinical trial of our RSV F Vaccine in older adults later this year."

Results for the Three and Six Months Ended June 30, 2015

reported a net loss of $20.6 million, or $0.08 per share, for the second quarter of 2015, compared to a net loss of $17.9 million,

or $0.08 per share, for the second quarter of 2014. For the six months ended June 30, 2015, the net loss was $45.0 million, or

$0.18 per share, compared to a net loss of $31.7 million, or $0.15 per share, for the same period in 2014.

revenue in the second quarter of 2015 increased 69% to $14.0 million, compared to $8.3 million for the same period in 2014. This

increase results from the recovery of additional costs under the HHS BARDA contract for the settlement of indirect rates for fiscal

years 2011 and 2012, resulting in an additional $7.7 million in revenue for the quarter. This increase in revenue was partially

offset by a decrease in revenue resulting from a lower level of development activities under the HHS BARDA contract and our PATH

agreement in the second quarter of 2015 as compared to the same period in 2014.

cost of government contracts revenue in the second quarter of 2015 decreased 47% to $2.7 million, compared to $5.1 million for

the same period in 2014. The decrease in cost of government contracts revenue was associated with a lower level of development

activities under the HHS BARDA contract in the second quarter of 2015 as compared to the same period in 2014.

and development expenses increased 65% to $25.0 million in the second quarter of 2015, compared to $15.2 million for the same period

in 2014. The increase in research and development expenses was driven by activities relating to the RSV Vaccine, the Ebola GP Vaccine

and higher employee-related expenses tied to the continued growth of the company.

and administrative expenses increased 22% to $7.1 million in the second quarter of 2015, compared to $5.8 million for the same

period in 2014. The increase in general and administrative expenses resulted from increased employee-related expenses tied to the

continued growth of the company.

of June 30, 2015, the company had $314.9 million in cash and cash equivalents and marketable securities compared to $168.1 million

as of December 31, 2014. Net cash used in operating activities for the six months of 2015 was $42.8 million, compared to $31.4

million for the same period in 2014. The factors contributing to the change in operating cash usage were primarily due to increased

costs relating to our RSV F Vaccine, Ebola GP Vaccine and higher employee-related expenses, as well as the timing of customer and

management will host its quarterly conference call today at 4:45 p.m. EDT. The dial-in number for the conference call is (877)

212-6076 (Domestic) or (707) 287-9331 (International). A webcast of the conference

call can also be accessed via a link on the home page of the Novavax website (novavax.com) or through the "Investors"/

"Events" tab on the Novavax website.

replay of the conference call will be available starting at 7:30 p.m. on August 10, 2015 until midnight August 17, 2015. To access

the replay by telephone, dial (855) 859-2056 (Domestic) or (404) 537-3406 (International) and use passcode 97557844. The

replay will also be available as a webcast and can be found on the "Investors"/ "Events" on the Novavax

Inc. (Nasdaq:NVAX) is a clinical-stage vaccine company committed to delivering novel products to prevent a broad range of infectious

diseases. Our recombinant nanoparticles and Matrix-M adjuvant technology are the foundation for groundbreaking innovation

that improves global health through safe and effective vaccines. Additional information about Novavax is available on the company's

website, novavax.com.

Forward-Looking Statements

herein relating to the future of Novavax and the ongoing development of its vaccine and adjuvant products are forward-looking statements.

Novavax cautions that these forward looking statements are subject to numerous risks and uncertainties, which could cause actual

results to differ materially from those expressed or implied by such statements. These risks and uncertainties include those identified

under the heading "Risk Factors" in the Novavax Annual Report on Form 10-K for the year ended December 31, 2014, filed

with the Securities and Exchange Commission (SEC). We caution investors not to place considerable reliance on the forward-looking

statements contained in this press release. You are encouraged to read our filings with the SEC, available at sec.gov, for a discussion

of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this

document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks

and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration

to these risks and uncertainties.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share information)

SELECTED CONSOLIDATED BALANCE SHEET DATA

Chief Financial Officer and Treasurer

Andrea N. Flynn, Ph.D.

Senior Manager, Investor Relations