Novavax is a vaccine company that develops vaccines for infectious diseases using its proprietary recombinant protein-based nanoparticle technology platform and Matrix-M™ adjuvant, which enhances immune responses while reducing vaccine doses needed. The company generates revenue through product sales of approved vaccines, licensing agreements and royalties from pharmaceutical partners like Sanofi, Pfizer, and Takeda, and milestone payments tied to partner development achievements. Novavax pursues a capital-efficient strategy centered on maximizing the impact of its technology platform through partnerships, with commercial products including a COVID-19 vaccine and a malaria vaccine, alongside a pipeline of vaccines in development for conditions including respiratory syncytial virus, influenza, and other infectious diseases.