Novavax shares sank as much as 25% after the COVID-19 vaccine maker warned it has"substantial doubt" about its ability to stay in business through next year and it plans cuts to its spending.
The biotech said that while its cash-flow forecast showed it has enough capital to fund its operations, that forecast was subject to"significant uncertainty" around its 2023 revenue, US government funding and unresolved arbitration proceedings with the global vaccine alliance Gavi.
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Novavax Stock Plunges 25% As Vaccine Maker Has ‘Substantial Doubt’ About Staying In BusinessShares of the pharmaceutical company have slipped below $7 after trading well above $300 at points in 2021.
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