Novavax reported second quarter 2026 total revenue of $57 million, a 76% decrease from the prior year period which benefited from significant milestone payments. The company raised its full-year 2026 adjusted total revenue framework to between $235 million and $275 million and improved its combined R&D and SG&A expense guidance by reducing the midpoint by $10 million. Sanofi confirmed advanced regulatory discussions regarding a Phase 3 COVID-19-Influenza Combination trial, which would trigger a $125 million milestone upon initiation in the U.S. or EU. Additionally, manufacturing technology transfer to Sanofi is expected in mid-2027, triggering a $75 million payment. Novavax holds $724 million in cash and equivalents as of June 30, 2026. The company operates in the biotechnology industry, developing vaccines and adjuvant technologies.