Novavax, Inc. (Nasdaq: NVAX) reported a Q1 loss of $3.41 per share, slightly better than the consensus loss of $3.46 per share. 

In response to the challenging times, the company has announced cost-cutting measures to extend its cash runway and improve efficiency. John C. Jacobs, the President and CEO of Novavax, expressed optimism about the long-term growth and stability of the company, as it focuses on revenue generation from its Nuvaxovid and management of its current liabilities. The company also made progress on its key priorities, including developing an updated COVID vaccine for the Fall season, and announced positive Phase 2 data that supports further development of its combination COVID-influenza, standalone influenza, and high-dose COVID vaccines. 

Although the decision to reduce its workforce was difficult, Novavax believes it was necessary to align its infrastructure and scale with the endemic COVID opportunity. Despite the substantial challenges ahead of the company in 2023, Novavax remains determined to execute on its top priorities. 

As of this writing, $NVAX is trading at $10.81, up by 45.10% or $3.36.

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