John Jacobs, Novavax CEO

Strug­gling No­vavax de­tails a wave of red ink and plots sur­vival course af­ter rais­ing 'go­ing con­cern' alert

No­vavax’s slow windup for its Covid-19 vac­cine pitch has cre­at­ed a per­ilous stretch ahead for the long­time vac­cine play­er. Af­ter the mar­ket closed on Tues­day, the com­pa­ny un­veiled a re­or­ga­ni­za­tion of its ex­ec­u­tive team un­der John Ja­cobs and a warn­ing that it is run­ning dry of cash, set­ting off a go­ing-con­cern alarm.

Ja­cobs laid out No­vavax’s sur­vival plan, out­lin­ing a dri­ve to cre­ate a suc­cess­ful vac­cine for the fall of this year, an ex­pense-cut­ting pro­gram to carve down costs — which is ex­pect­ed to trig­ger lay­offs — as well as an un­spec­i­fied push past Nu­vax­ovid to­ward new prod­ucts.

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