I'm not so sure about that Billy.  I take the half-full approach and assume Novavax offers up bivalents on an achievable basis for the 2023 fall season, and dangles quads and combo updates thereafter to keep investors' pipeline interest juiced.

 

Further, the recent VRBPAC confab acknowledged Novavax's vaccine plays a marketplace role and is keeping the door open, but I agree that full BLA is overdue and necessary.  And assuming that BLA is in place and manufacturing on track, then the ending of the emergency on May 11 is really the beginning of an unfettered market wherein government price controls are lifted.