Joy

Joy inquired about the expanded MTA agreement, asking for more color on the additional field being explored. She also asked about the potential time horizon for MTAs to convert into formal partnerships and at what stage of development or evidence generation these conversations typically begin.

Answer

CEO John Jacobs noted that companies often return to explore more broadly after initial experiments with Matrix-M. Chief Strategy Officer Elaine O'Hara explained that Novavax generates internal data or provides Matrix-M for partners' preclinical testing. She confirmed that several companies are expanding their opportunities to other fields, including oncology. The timeline for formal partnerships is TBD as it depends on the partner's development, but the structure involves upfront payments, milestone payments, and future royalties.