During the Era of Stan, NVAX has always desired to maintain at least a full year of cash on hand. My assumption is that the majority of the $400M revenue that was pushed into Q3 was the 26M doses to Canada under the revised purchase agreement. R&D has been $300M/qtr and SG&A/qtr has been $100M.
They have the convert due in 4 months. They have said the US will pay them approximately $400M this year. What is NVAX to do if their is a delay in that payment? I doubt they can do more than file a lawsuit against the USG. Good luck for that to be resolved anytime soon. We have seen how NVAX has been able to work the levers of government.