Novavax, Inc. and Subsidiaries
		Consolidated Statements of Operations
		(in thousands, except share and per share information)
										Three months ended
										March 31,
										2005				2004
										Unaudited				Unaudited
Revenues:
Net product sales										$	719			$	2,197
Contract research and development											243				960
Milestones and licensing fees											-				63
Total revenues											962				3,220
Operating costs and expenses:
Cost of products sold											1,979				263
Research and development											1,222				3,047
Selling and marketing											4,057				2,774
General and administrative											2,121				2,032
Total operating costs and expenses											9,379				8,116
Loss from operations											(8,417	)			(4,896	)
Interest expense, net											(469	)			(362	)
Net loss										$	(8,886	)		$	(5,258	)
Basic and diluted loss per share										$	(0.22	)		$	(0.15	)
Basic and diluted weighted average number
of commont shares outstanding											39,553,876				34,722,402
										March 31,				December 31,
											2005				2004
										Unaudited
Selected Balance Sheet Data
Cash and cash equivlaents										$	9,202			$	17,876
Total current assets											13,573				23,937
Working capital											7,443				15,361
Total assets											66,578				77,993
Convertible notes											35,000				35,000
Total stockholders’ equity											24,395				33,281