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GAITHERSBURG, MD - Novavax Inc. (NASDAQ:NVAX), a biotechnology company currently valued at $1.1 billion and trading at $6.71, has increased its Board of Directors from eight to nine members with the appointment of Charles W. Newton, effective April 25, 2025. According to InvestingPro analysis, the company maintains a strong balance sheet with more cash than debt, though analysts anticipate sales decline in the current year. Newton was appointed to serve as a Class III director until the 2025 annual meeting of stockholders and until his successor is duly elected and qualified, or until his earlier departure.
Newton’s appointment was announced in a filing with the Securities and Exchange Commission on Tuesday. As per the company’s Non-Employee Director Compensation Policy, Newton is entitled to a combination of cash compensation and equity grants. The policy includes an annual equity grant equal to $350,000 and an initial equity grant valued at approximately $525,000, both subject to vesting terms and continued service. This comes as Novavax prepares to report its quarterly earnings on May 7, with InvestingPro data showing the stock has demonstrated significant volatility, having traded between $4.10 and $23.86 over the past 52 weeks.
On the day of his appointment, Newton received an initial equity grant consisting of an option to purchase 42,840 shares of Novavax’s common stock and 28,560 restricted stock units under the company’s Amended and Restated 2015 Stock Incentive Plan.
Novavax has confirmed that there is no arrangement or understanding between Newton and any other persons regarding his selection as a director. The Board has determined that Newton qualifies as an independent director under Nasdaq listing standards and does not have any material direct or indirect interest in any transaction requiring disclosure.
In line with company policy, Newton is expected to enter into Novavax’s standard indemnification agreement, which provides indemnification protection in connection with his service as a director of the company.
The announcement comes as the biotechnology firm, known for its work in the development of vaccines and based in Gaithersburg, Maryland, continues to navigate the dynamic healthcare landscape. Novavax trades on the Nasdaq Global Select Market under the ticker symbol NVAX.
This report is based on a press release statement.
In other recent news, Novavax has reported positive developments regarding its Biologics License Application (BLA) with the U.S. Food and Drug Administration (FDA). The company expressed confidence in the approvability of its application following discussions with the FDA, although it has been requested to provide additional clinical data as a post-marketing commitment. This request for more data came after the FDA’s recent communication with Novavax, aiming to ensure compliance and expedite the approval process. Furthermore, Novavax has released preliminary findings from the SHIELD-Utah study, suggesting its latest COVID-19 vaccine formulation results in fewer and less severe side effects compared to the Pfizer-BioNTech vaccine. The study highlighted that Novavax’s vaccine recipients reported fewer symptoms and a lower impact on daily activities. Additionally, an external panel to the U.S. Centers for Disease Control and Prevention (CDC) proposed limiting COVID-19 shot updates to those at risk of severe disease, which could potentially affect the demand for Novavax’s vaccines. Investors are closely monitoring these developments, as they could significantly impact Novavax’s position in the vaccine market.
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