#1novavax Investor Presentation NASDAQ:NVAX | MARCH 2023 © 2023 NOVAVAX. All rights reserved. 1#2Cautionary note regarding forward-looking statements This presentation includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. These forward-looking statements address various matters including information relating to the future of Novavax, its key strategic priorities and commercial goals, its operating plans, objectives and prospects, including, its future financial or business performance, conditions, or strategy, including expectations regarding first half 2023 SG&A and R&D expense run rate, its future product demand trends, its partnerships, its ability to deliver a competitive bivalent or monovalent vaccine product for the Fall 2023 vaccine season, the ongoing development of our vaccine candidates, including strain selection, anticipated timing of clinical trials and expected results, the ongoing development of NVX-COV2373, a COVID-19-Influenza combination vaccine candidate and other vaccine candidates, the scope, timing and outcome of future regulatory filings and actions, the efficacy, safety and intended utilization of NVX- COV2373 and Novavax's other vaccine candidates, the global market opportunities for our vaccine candidates, our manufacturing capacity and the future availability of Novavax's vaccine candidates and key upcoming milestones. Each forward-looking statement contained in this presentation is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, challenges satisfying, alone or together with partners, various safety, efficacy, and product characterization requirements, including those related to process qualification and assay validation, necessary to satisfy applicable regulatory authorities; Novavax's ability to continue as a going concern within one year after the issuance date of the financial statements for the year ended December 31, 2022; difficulty obtaining scarce raw materials and supplies; resource constraints, including human capital and manufacturing capacity, on the ability of Novavax to pursue planned regulatory pathways; unanticipated challenges or delays in conducting clinical trials; challenges meeting contractual requirements under agreements with multiple commercial, governmental, and other entities; manufacturing delays or challenges, including as a result of the timing of the anticipated regulatory requirements for the fall 2023 vaccination season; the loss of future funding from the U.S. government; the potential for an unfavorable outcome in disputes, including the pending arbitration with Gavi and the risks identified under the heading "Risk Factors" in Novavax's most recent Annual Report on Form 10-K and subsequent Form 10-Qs, as well as subsequent filings with the Securities and Exchange Commission. Novavax cautions investors not to place considerable reliance on the forward-looking statements contained in this presentation. Investors are encouraged to read Novavax's filings with the Securities and Exchange Commission, available at www.sec.gov and on our website at www.novavax.com, for a discussion of these and other risks and uncertainties. The forward-looking statements in this presentation speak only as of the date of this presentation, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. Novavax™ (and all associated logos) is a trademark of Novavax, Inc. Matrix-MTM is a trademark of Novavax AB. novavax © 2023 NOVAVAX. All rights reserved. 2#3novavax SECTION 1 Company Overview © 2023 NOVAVAX. All rights reserved. 3#4Novavax investment highlights novavax Fully integrated commercial-stage biotechnology company COVID-19 vaccine positioned to gain share in long-term market Protein-based technology provides vaccine choice ☑ Manufacturing and commercial network Proprietary Matrix-MTM adjuvant differentiates pipeline Positioned for long-term value creation through commercial execution and pipeline development © 2023 NOVAVAX. All rights reserved. 4#5Fully integrated commercial-stage company with presence established around the globe Novavax HQ Global HQ & Corporate Offices R&D Discovery laboratories Manufacturing Commercial, general, & administrative Νοναναχ Novavax AB Matrix-M adjuvant production Manufacturing Novavax CZ • Antigen manufacturing Νοναναχ Commercial Operations North America Commercial Operations EU Commercial Operations APAC Commercial Operations Novavax AB Uppsala, Sweden Novavax CZ Bohumil, Czech Republic EU Commercial Operations Zurich, Switzerland Brussels, Belgium Novavax HQ Gaithersburg, Maryland North America Commercial Operations Gaithersburg, Maryland SK bioscience ⚫ Takeda Serum Institute of India APAC Commercial Operations Singapore Serum Institute of India Strategic Partners SK bioscience novavax Takeda © 2023 NOVAVAX. All rights reserved. 5#6novavax Strong foundation established in 2022 to support success in 2023+ Progress supports commercial build-out for COVID-19 vaccine and readiness for future product launches Commercialized COVID-19 vaccine with strong safety, efficacy, and storage profile Developed commercial presence in priority markets (Americas, EU, and APAC) Received authorizations in 40+ countries for COVID-19 vaccine Built global manufacturing network to enable sustainable capacity ☑ Established vaccine distribution globally to support broad market access Engaged with public and private decision-makers to prepare for market in 2023+ © 2023 NOVAVAX. All rights reserved. a#7novavax SECTION 2 COVID-19 Commercial Updates © 2023 NOVAVAX. All rights reserved. 7#8Commercial strategy in place to drive success in 2023+ Near-term priorities for commercial execution Competitive Product Label Expansion & Policy Recommendations Deliver bivalent or monovalent variant strain change vaccine in a competitive dose presentation for 2023 fall vaccination season • Expand label for heterologous boosting (adults and adolescents) and in younger children Achieve policy recommendations enabling broad market access Driving Brand Awareness • Educate healthcare professionals and consumers on Novavax and Nuvaxovid™, 1 novavax: 1. The trade name Nuvaxovid has not yet been approved by the FDA. © 2023 NOVAVAX. All rights reserved. 8#9Novavax's COVID-19 vaccine in 2023: competitive product profile for vaccine choice Transition to commercial market expected this year NUVAXOVID™ Dispersion for injection COVID-19 Vaccine (recombinant, adjuvanted) Intramuscular use Novavax COVID-19 Vaccine, Adjuvanted in the U.S.1 Bivalent or monovalent supporting variant strain Safe and effective² Cross-strain protection2 Durable immune response³ Prevention of infection4 Refrigerator stable; competitive dose presentation novavax 2. 1. The Novavax COVID-19 Vaccine, Adjuvanted has not been approved or licensed by the U.S. Food and Drug Administration (FDA). The trade name Nuvaxovid has not yet been approved by the FDA. Dunkle, LM et al., 2021. DOI.; Heath, PT et al., 2021. DOI. 3. 4. Áñez, G et al. IDWeek, Washington, D.C., October 2022.; Dubovsky, F. Third Quarter 2022 Financial Results & Operational Highlights, November 2022. Heath, PT et al., 2022. DOI. © 2023 NOVAVAX. All rights reserved. 9#10Status of regulatory authorizations globally Adult Vaccination (aged 18+) Authorizations received in priority markets¹ 27 EU Countries Great Britain novavax 1. As of March 2023. 2. Australia United States Canada Adolescent Vaccination (aged 12-17) Pediatric Vaccination (aged 7-11) + Includes authorizations in partnership with Serum Institute of India, SK bioscience, and Takeda. . Authorizations in 14 additional countries around the world2 Emergency Use Listing from the WHO © 2023 NOVAVAX. All rights reserved. 10#11Long-term market opportunity expected for COVID-19 Transition to more traditional commercial market underway in priority markets >$15B Projected annual global market size over time¹ Ongoing need for annual seasonal vaccination Transition from pandemic to endemic COVID-19 ✓ COVID-19 vaccines remain important part of immunization schedules novavax 1. Projected global COVID-19 market size based on internal analyses and third-party research reports. EU and U.S. ~$10B of total opportunity ROW Remainder of total opportunity © 2023 NOVAVAX. All rights reserved. 11#12novavax SECTION 3 Near-term Priorities © 2023 NOVAVAX. All rights reserved. 12#13Near-term priorities to support success Priority #1 Deliver a competitive product for the upcoming 2023 fall vaccination season Priority #2 Reduce our rate of spend, manage our cash flow, and evolve our scale & structure Priority #3 Leverage our technology platform, our capabilities, and our portfolio of assets to drive additional value beyond Nuvaxovid¹ alone novavax: 1. The trade name Nuvaxovid has not yet been approved by the FDA. © 2023 NOVAVAX. All rights reserved. 13#14Key commercial activities for 2023 fall vaccination season Work to enable reliable access to Nuvaxovid¹ Leverage commercial footprint in priority markets in the Americas and Europe to drive demand Utilize global manufacturing and supply network Deliver differentiated product profile novavax: 1. The trade name Nuvaxovid has not yet been approved by the FDA. © 2023 NOVAVAX. All rights reserved. Priority #1 14#15Demonstrating variant strain change capabilities Preparing to supply monovalent or bivalent variant vaccine for fall 2023 vaccination season Strategy for Emerging Variants novavax Phase 3 COVID-19 Omicron Trial Initial Results • BA.1 vaccine candidate met primary strain-change endpoint, demonstrating ability to develop variant vaccines NVX-COV2373 induced broad immune response against original Wuhan, BA.1, and BA.5 strains . Next Steps Proactively monitoring emerging variants Developing vaccine candidates against emerging variants Execute part 2 of Phase 3 COVID-19 Omicron trial to evaluate BA.5 vaccine File for regulatory authorization Priority #1 © 2023 NOVAVAX. All rights reserved. 15#16COVID-19 variant strain development in advance of strain selection Origin Straine Wuhan Omicron B.1.15200 novavax Note: As of February 28th, 2023. BA20 BAA0- BAGO BA.2.75 XBBO OBA.2.12.1 BA.4.6 OBA.5.2.6 OBF.7 OBF.11 BQ 10 BQ.1.1 OCH.1.1 -OBA.2.75.2 OBN.1 OXBB.1.5 -OB.1.617.2 BA:10 BA.1.1 Delta Variant cloned and produced in laboratory Priority #1 Variant of interest progressing to GMP manufacturing © 2023 NOVAVAX. All rights reserved. 16#17Organization-wide initiatives to improve financial position and support long-term financial health novavax Key Objectives Actions Taken to Date Improve cash flow position and extend cash runway Aligned on key priorities for investment in 2023 Assess capabilities and prioritize investments Initiated cost containment measures Reduce rate of spend Implemented holds on non-critical hiring Priority #2 © 2023 NOVAVAX. All rights reserved. 17#18Development of COVID-19-Influenza Combination (CIC) vaccine is driven by expectations of future market dynamics COVID-19 • • • • novavax Anticipated need for annual seasonal vaccination Emergence of variants Influenza • Waning immunity • Ongoing SARS-CoV-2 circulation Priority #3 Ongoing need for annual seasonal vaccination Opportunity for differentiation in older adults Adoption in high-income countries COVID-19-Influenza Combination (CIC) Vaccine Competitively positioned to support annual vaccination need Phase 2 trial initiated in December 2022 with -1,500 participants enrolled Data to inform Phase 3 trials for stand-alone influenza and CIC vaccine candidates 。 Topline results expected mid-year 2023 © 2023 NOVAVAX. All rights reserved. 18#19novavax COVID-19-Influenza Combination (CIC) vaccine: Evaluating dose ranges of Spike & Hemagglutinin antigens, adjuvant & standalone controls Phase 2 study underway using a novel Design-of-Experiments approach Factors (Variables, Inputs) Responses Levels (Settings) (Outcomes, Characteristics) Priority #3 Standalone Formulations CIC Formulations SARS-COV-2 Spike Protein Influenza Hemagglutinin (qNIV) Matrix-MTM adjuvant 3 doses 3 doses 2 doses qNIV only 3 doses 75μg NVX-CoV2373 only 4 doses 50μg Licensed influenza vaccine 2 doses Performance (%) 100 94% 95 92% 90% 90 88% 85 86% 84% 80 82% 75 80% Final CIC Formulation Factor 2 Factor 1 Response modeling Designed to enable key antibody and cell-mediated immunity responses to be used to select one dose for further development © 2023 NOVAVAX. All rights reserved. 19#20SECTION 4 Financial Highlights novavax © 2023 NOVAVAX. All rights reserved. 20 20#21Q4 and FY2022 Financial results $ in millions Q4 Total Revenue Full Year Total Revenue $1,982 61% growth $357 $222 73% growth $1,146 Q4 2021 Q4 2022 FY2021 FY2022 novavax . FY 2022 total revenue of $2.0B reflects 73% growth over prior year • $1.3 billion in cash as of 12/31/2022 © 2023 NOVAVAX. All rights reserved. 21#22Q4 and FY2022 Financial results ($ in millions, except per share amounts) Product sales Grants Royalties & other Q4 2022 Q4 2021 FY2022 FY2021 $ 288 $ $ 1,555 $ 70 95 383 949 0 127 44 198 Total revenue 357 222 1,982 1,146 Cost of sales Research & development Selling, general & administrative Total expenses Income (loss) from operations Interest expense Other income (expense) Income (loss) before income tax expense Income tax expense (benefit) 182 903 258 963 1,235 2,535 162 84 489 298 601 1,047 2,627 2,833 (244) (825) (645) (1,687) (5) (5) (20) (21) 64 0 11 (7) (185) (830) (654) (1,715) (2) 17 4 29 Net income (loss) St $ (182) $ (846) $ (658) $ (1,744) Basic net income (loss) per share $ (2.28) $ (11.18) AA $ Basic weighted average common shares outstanding 80 76 (8.42) $ 78 (23.44) 74 novavax © 2023 NOVAVAX. All rights reserved. 22#23Upcoming 2023 Milestones Receive regulatory guidance on SARS-COV-2 strain selection for 2023 fall vaccination season, including from U.S. FDA VRBPAC Updated COVID-19 vaccine supporting variant strain Topline results from Phase 2 CIC and influenza trial expected mid-year 2023 novavax > File for U.S. BLA in 2023 © 2023 NOVAVAX. All rights reserved. 23#24novavax 21 Firstfield Road Gaithersburg, MD 20878 United States novavax.com [email protected] © 2023 NOVAVAX. All rights reserved. 24#25novavax SECTION 5 Appendix © 2023 NOVAVAX. All rights reserved. 25#26Vaccine pipeline Significant opportunities for future development Disease Novavax Clinical-Stage Product NVX-CoV23731 Matrix-M Coronavirus Variant Strain-Containing Monovalent or Bivalent² Matrix-M Seasonal Influenza Influenza (Older Adults) Matrix-M Combination Vaccines COVID/Influenza Matrix-M Partnered Clinical-Stage Malaria R213 Matrix-M Novavax Preclinical-Stage RSV Vaccine4 RSV Matrix-M (Older Adults) Influenza / RSV Matrix-M Combination Vaccines Influenza/COVID / RSV Matrix-M Preclinical Phase 1 Phase 2 Phase 3 Authorized 1. Authorized in select geographies under trade names Novavax COVID-19 Vaccine, Adjuvanted; Covovax TM; and Nuvaxovid. The trade name Nuvaxovid has not yet been approved by the FDA. 2. Ongoing Phase 3 strain change trial. novavax: 3. Ongoing Phase 3 trial for R21, a malaria candidate developed by the Jenner Institute, University of Oxford and formulated with Matrix-M adjuvant. 4. Clinical development conducted in older adults with previous construct through Phase 3 trial. © 2023 NOVAVAX. All rights reserved. 26#27Ongoing clinical studies with NVX-CoV2373 and variant vaccines Study 301 U.S. and Mexico N = 29,945 (adults) N = 2,247 (12- <18) South Africa Study 505 N = 384 (adults) • Study 312 Lot-to-lot Extension U.S. N = 200 (adults) · Reactogenicity & immunology of dose 3 & dose 4 homologous boost in adults and adolescents Reactogenicity & immunogenicity of different 2- & 3-dose schedules in HIV+ and HIV- Benefit of second NVX-CoV2373 boost in people who were primed with mRNA vaccine Study 503 Pediatric U.S., Latin America, Europe, APAC, South Africa N=1,200 (611) N=~1,200 (2-5) N=1,200 (6mo - 2) Safety & effectiveness in pediatric populations (global licensure enabling) Dosage level confirmation in all pediatric age groups • Includes crossover and 3-dose schedule Study 311 Strain-Change Part 2 Australia Ongoing N = ~750 (adults) N=-600 (12-17) novavax . Immunology of monovalent or bi-valent as a booster in adults (BA.5) and adolescents (BA.5) © 2023 NOVAVAX. All rights reserved. 27#28Consistent efficacy across phase 3 studies Study 302: UK Phase 31 (N=15,203) Study 301: PREVENT-192,3 (N=29,960) Overall Efficacy 89.7% "Matched"/ Prototype 96.4% Prototype Efficacy Efficacy Against Variants Efficacy Against Severe Disease 86.3% Alpha (B.1.1.7) NS (all 5 severe cases in placebo group) 90.4% 100% (Non-Vol/VoC) 93.6% Alpha (B.1.1.7) 92.6% All Vol/VoC 100% "High Risk" Populations 90.9% novavax 1. Dunkle et al., 2021. DOI: 10.1056/NEJMoa2116185. 2. Heath et al., NEJM, 2021. DOI: 10.1056/NEJMoa2107659. 3. Toback et al., The Lancet Res Med, 2021. DOI: 10.1016/S2213-2600(21)00409-4 91.0% © 2023 NOVAVAX. All rights reserved. 28#29novavax (•) US/Mexico Phase 3 Study © 2023 NOVAVAX. All rights reserved. 29#30US/Mexico Phase 3 study design Pre-Crossover N = 29,949 Adults R 2:1 novavax Post-Crossover 5 μg antigen + 50 μα Matrix-M 5 μg antigen + 50 μα Matrix-M Placebo Placebo 5 μg 5 μg Placebo Placebo antigen + 50 μg Matrix-M antigen + 50 μα Matrix-M Blinded Crossover 5 μg antigen + 50 μg Matrix-M Day 0 Day 21 Injection 1 Injection 2 Day 0 Injection 1 Day 21 Injection 2 Booster © 2023 NOVAVAX. All rights reserved. 30#31Study met co-primary endpoints for homologous booster indication Complete Analysis Neutralizing antibodies Geometric Mean Titer (GMT) (95% CI) Geometric Mean Ratio (GMR) (95% CI) Booster 28 Days Post-Boost 4,963 (4,332; 5,687) Neutralizing antibodies Seroconversion Rate (SCR) Booster 28 Days Post-Boost (95% CI) Difference in SCR (95% CI) 3.2 (2.7, 3.8) Primary Series 14 Days Post-Dose 2 1,542 (1,269; 1,875) Primary Series 14 Days Post-Dose 2 95.1** (91.3, 97.5) 92.4* (88.1, 95.5) -2.7 (-7.0, 1.3) Non-inferiority of booster dose vs. Day 35 response for GMFR demonstrated as LB of 95% CI >0.67 and point estimate >0.83, superiority was demonstrated as LB of 95% CI for GMFR ratio is > 1 Non-inferiority of booster dose vs. Day 35 response for SCRS demonstrated as LB of 95% CI for difference of SCR is > -10% *Compared to Pre-Boost novavax: **Compared to Baseline, Day 0. Validated wild-type neutralization assays performed at 360BioLabs © 2023 NOVAVAX. All rights reserved. 31#32Anti-rs IgG GMT (EU/mL) with 95% CI IgG increases for all strains post-boost, above Phase 3 levels 11-month boost cohort (all ages) 100,000 95% VE* 10,000 1,000 100 88% VE* 66% VE* novavax Day 0 Fold increase relative to Pre-Boost Day 35 *CoP from Fong et al., 2023. DOI: 10.1038/s41467-022-35768-3 56 Days Prototype: 26.9x 11 Mo 11 Mo+28 Days © 2023 NOVAVAX. All rights reserved. 32#33Anti-rS IgG GMT (EC50) with 95% CI Robust IgG titers against Omicron sub-variants achieved with boosting using prototype strain vaccine Median age 51 - 53 years; Participants without evidence of infection 1,000,000 100,000 81,367 13,687 9,204 10,000 6,877 6,598 6,345 6,570 1,000 100 267,430 149,552 106,536 64,584 44,808 41,772 46,314 10 Prototype BA.1 BA.2 BA.5 BQ.1.1 BF.7 XBB.1 Prototype BA.1 BA.2 BA.5 BQ.1.1 BF.7 XBB.1 2-Dose Primary Series (n=18) novavax Assay conducted by Novavax Discovery Lab 8-Month Homologous Boost (n=15) © 2023 NOVAVAX. All rights reserved. 33 33 Approximates Phase 3 (VE=90%)#34Robust IgG titers against Omicron sub-variants after primary series with prototype vaccine in COVID-19-infected adults Day 0 and Day 35; n=30; Median age = 61 years Anti-rs IgG Titer GMT (EC50) with 95% CI 1,000,000 100,000 10,000 2,627 1,000 100 1,086 885 949 68x 60x 77x 75x 178,025 65,054 68,425 71,446 10 Prototype BA.1 BA.2 BA.5 Prototype BA.1 BA.2 BA.5 Baseline Day 35 novavax Assay conducted by Novavax Discovery Lab © 2023 NOVAVAX. All rights reserved. 34#35novavax US/Mexico Phase 3 Study Adolescent Expansion © 2023 NOVAVAX. All rights reserved. 35#36Adolescent study expansion of US/Mexico Phase 3 Pre-Crossover Post-Crossover N = 2,247 R Adolescents 2:1 12-<18 y/o novavax 5 μg antigen + 5 μg 50 μα Matrix-M antigen + 50 μα Matrix-M Placebo Placebo 5 μg 5 μg Placebo Placebo antigen + 50 μg Matrix-M antigen + 50 μα Matrix-M Blinded Crossover PREVENT-19 PRE-fusion Protein Subunit Vaccine Efficacy Novavax Trial | COVID-19 5 μg antigen + 50 μg Matrix-M Day 0 Day 21 Injection 1 Injection 2 Day 0 Injection 1 Day 21 Injection 2 Booster © 2023 NOVAVAX. All rights reserved. 36 36#37Primary study endpoint achieved in adolescents Neutralizing antibodies Adolescents 12 - 17 years Main Study 18 - 25 years Geometric Mean Titer (GMT) (95% CI) 3,860 (3,423 - 4,352) 2,611 (2,367 -2,882) Geometric Mean Ratio (GMR) 1.5 (95% CI) (1.3 - 1.8)* *Noninferiority was achieved if the following 3 pre-specified criteria were met simultaneously: 1) Lower bound of two-sided 95% CI for the ratio of GMTS (GMT12-17yo/GMT 18-25yo) > 0.67; 2) Point estimate of the ratio of GMTS ≥ 0.82; and 3) Lower bound of the two-sided 95% CI for difference of SCRS (SCR12-17yo - SCR18-25yo) was > -10%. novavax WT neutralization GMT (95% CI) Study 301: 1,078 (968 - 1,201) Study 302: 1,133 (999 - 1,285) © 2023 NOVAVAX. All rights reserved. 37#38Robust efficacy in adolescents novavax All strains NVX-COV2373 (N = 1,205) Placebo (N = 594) Cases Mild Moderate Severe Vaccine Efficacy: Overall 5 (<1%) 6 0 0 14 (2%) 14 0 80% (95% CI: 47, 92) 0 © 2023 NOVAVAX. All rights reserved. 38#39Local events in adolescents similar to young adults, regardless of dose PREVENT-19 PRE-fusion Protein Subunit Vaccine Efficacy Novavax Trial | COVID-19 Dose 1 Grade 1-2 Grade 3+ Pain / Tenderness 63% Erythema 76% Swelling 12-17 18-25 1% 12-17 0.7% 18-25 1% 12-17 0.9% 18-25 89% Dose 2 75% 12-17 18-25 8% 6% 8% 6% 12-17 18-25 12-17 18-25 © 2023 NOVAVAX. All rights reserved. 39 novavax Includes events reported Day 0 to Day 6 post-vaccination; Grades based on FDA guidance#40Systemic events in adolescents similar to young adults, regardless of dose PREVENT-19 PRE-fusion Protein Subunit Vaccine Efficacy Novavax Trial | COVID-19 Dose 1 Fever Malaise / Fatigue, Joint Pain Muscle Pain Headache Nausea/Vomiting, 39% 29% 34% 34% 30% 32% Grade 1-2 Grade 3+ 0.7% 7% 7% 8% 10% 0.5% 12-17 18-25 12-17 18-25 12-17 18-25 12-17 18-25 12-17 18-25 12-17 18-25 Dose 2 17% 12% 12-17 18-25 69% 58% 12-17 18-25 61% 62% 57% 49% 24% 16% 12-17 novavax Includes events reported Day 0 to Day 6 post-vaccination; Grades based on FDA guidance 20% 19% 18-25 12-17 18-25 12-17 18-25 12-17 18-25 © 2023 NOVAVAX. All rights reserved. 40#41Study met co-primary endpoints for homologous booster indication Pediatric expansion in adolescents 12-17 years of age PREVENT-19 PRE-fusion Protein Subunit Vaccine Efficacy Novavax Trial | COVID-19 Neutralizing antibodies Geometric Mean Titer (GMT) (95% CI) Geometric Mean Fold Ratio (GMFR) (95% CI) (3,658.0, 5,374.5) 14 Days after Primary Series (N = 53) 4,434.0 28 Days after Booster Dose (N = 53) 11,824.4 (8,993.1, 15,546.9) 2.7 (2.0, 3.5) Seroconversion Rate (SCR) Relative to 100 100 Day 0 (95% CI) (93.3, 100) (93.3,100) Difference in SCR 0 (95% CI) (-6.8, 6.8) Non-inferiority of booster dose vs. Day 35 response for GMFR demonstrated as LB of 95% CI >0.67 and point estimate >0.83, superiority was demonstrated as LB of 95% CI for GMFR ratio is > 1 Non-inferiority of booster dose vs. Day 35 response for SCRs demonstrated as LB of 95% CI for difference of SCR is > -10% novavax Validated Wild-Type neutralization assay performed at 360Bio Labs © 2023 NOVAVAX. All rights reserved. 41#42Robust neutralization responses in adolescents after boosting All participants, 12-17 y/o (N=45) Pseudovirus Neutralization GMT (ID50) with 95% CI 9,131 10,000 5,370 1,000 100 10 Prototype Delta 318 173 12,669 7,426 BA.1 BA.4/5 Prototype After primary series novavax Validated assay conducted by Monogram Includes All Participant Data *Correlates of Protection inferred from Fong, Y., et al., 2023. DOI: 10.1038/s41467-022-35768-3 Delta PREVENT-19 PRE-fusion Protein Subunit Vaccine Efficacy Novavax Trial | COVID-19 4,538 4,276 93% VE* BA.1 After homologous boost BA.4/5 82% VE* 76% VE* © 2023 NOVAVAX. All rights reserved. 42#43Antigenic cartography of pseudovirus neutralization responses for adolescents novavax BA1 Primary : 2 Doses BA.4/5 田 Booster 3 Doses PROTOTYPE DELTA BA.4/5 DELTA PROTOTYPE BA.1 PREVENT-19 PRE-fusion Protein Subunit Vaccine Efficacy Novavax Trial | COVID-19 Fold Difference: Prototype BA.4/5 = 28.8 Fold Difference: Prototype → BA.4/5 = 1.74 Note: each square represents a 2-fold difference in neutralizing responses © 2023 NOVAVAX. All rights reserved. 43#44novavax Lot-to-lot Consistency Study Preliminary top-line results Achieved lot-to-lot endpoint Magnitude of heterologous boost response Breadth of heterologous boost response Bennett, C. World Vaccine Congress, Barcelona, October 2022 © 2023 NOVAVAX. All rights reserved. 44#45Study 307 design: Lot-to-lot consistency • Subjects 18-49 years of age, N=911 • No history of COVID-19 in past 4 months AND 2 or 3 doses of COVID vaccine with last dose >6 months prior to enrollment • Priming series: 1. Moderna: 2. Pfizer: 3. Janssen/J&J: 2 doses 1 dose 4. Novavax: 2 doses 2 doses (N=125) (N=187) (N=19) (N=7) AND 3 doses (N=130) AND 3 doses (N=254) AND 2 doses (N=6) AND 3 doses (N=4) • Boost Novavax xl dose novavax Open Label ≥ 6 months NVX-COV2373 boost Lot 1 Lot 2 Immunology Prior COVID-19 vaccines +/- boost with same vaccine as primary series Lot 3 Day 0 Day 28 © 2023 NOVAVAX. All rights reserved. 445#46Study 307: Demographics and baseline characteristics Lot 1 (N = 298) Lot 2 (N = 303) Age (years) - median (range) 37.0 (19 - 49) 38.0 (18-49) Female 58.7% 54.5% Race Lot 3 (N = 304) 38.0 (18 - 49) 61.2% White 73.5% 73.6% 75.0% Black or African American 18.1% 20.1% 16.8% Asian 3.7% 3.3% 3.0% Median interval to boost (Days) 266 269 262 Previous vaccine Pfizer x 2 23.5% 24.1% 19.7% Previous vaccine Pfizer x 3 26.5% 29.4% 33.9% Previous vaccine Moderna x 2 16.4% 14.9% 17.1% Previous vaccine Moderna x 3 17.1% 15.2% 14.1% PCR positive at Baseline. 2.3% 2.6% 2.0% novavax © 2023 NOVAVAX. All rights reserved. 46#47IgG levels: Non-inferior immunogenicity of 3 lots Primary endpoint achieved* 10,000 GMFR: 2.7 GMFR: 2.6 GMFR: 2.7 1,000 100 10 Baseline Lot 1 N = 269 Day 28 Baseline Day 28 Baseline Day 28 Lot 2 N = 274 Lot 3 N = 284 Cl, confidence interval; GMT, geometric mean titer; lg, immunoglobulin; NI, non-inferiority. novavax *Equivalence was determined if the 95% Cls of GMEUS for all pairs of lots are within the pre-specified equivalence range of 0.67 to 1.5. + Validated assay conducted by Novavax Clinical Immunology1 © 2023 NOVAVAX. All rights reserved. 47#48Novavax booster after EUA vaccines increases IgG responses Last dose of EUA vaccines >6 months prior to Novavax dose, 28 days post-boost Primary series of EUA vaccines + Novavax booster Primary series & boost of EUA vaccines + Novavax booster Anti-rS IgG GMT (EU/mL) with 95% CI 1,000,000 100,000 95% VE 10,000 1,000 100 88% VE* 263,387 294,763 95% VE* 88,670 75,136 47,456 88% VE* 116,473 91,465 93,597 10 2 doses NVX 2 doses PFE 2 doses MOD 1 dose J&J 3 doses NVX 3 doses PFE 3 doses MOD 2 doses J&J + NVX boost N=7 + NVX boost N=187 + NVX boost N=125 + NVX boost + NVX boost + NVX boost N=19 N=4 N=254 + NVX boost N=130 + NVX boost N=6 novavax *CoP from Fong et al., 2023. DOI: 10.1038/s41467-022-35768-3 © 2023 NOVAVAX. All rights reserved. 48#49Novavax booster after EUA vaccines increases MN responses Last dose of EUA vaccines >6 months prior to Novavax dose, 28 days post-boost Primary series of EUA vaccines + Novavax booster Primary series & boost of EUA vaccines + Novavax booster Neutralization GMT (ID50) with 95% CI 10,000 93% VE* 4,200 1,000 82% VE 100 2,907 2,486 1,983 12,178 93% VE* 82% VE* 4,064 3,265 2,499 10 2 doses NVX 2 doses PFE 2 doses MOD 1 dose J&J 3 doses NVX 3 doses PFE 3 doses MOD 2 doses J&J + NVX boost N=7 + NVX boost N=190 + NVX boost N=131 + NVX boost + NVX boost + NVX boost N=19 N=4 N=260 + NVX boost N=134 + NVX boost N=6 novavax *CoP from Fong et al., 2023. DOI: 10.1038/s41467-022-35768-3 Validated assay conducted by 360biolabs © 2023 NOVAVAX. All rights reserved. 49#50Novavax prototype booster provides robust breadth of immunity Anti-rS IgG GMT (EU/mL) with 95% CI novavax 100,000 10,000 1,000 100 263,387 161,258 117,411 85,189 52,559 39,307 127,913 95% VE* 43,548 33,685 88% VE* 10 Novavax x2 Moderna x3 Pfizer x3 + Novavax x2 Moderna x3 + Novavax + Novavax Novavax + Novavax + Novavax Pfizer x3 + Novavax Novavax x2 Moderna x3 + Novavax Anti-Prototype *Inferred from the CoP established from prototype data to emerging variants (BA.1 and BA.5) Novavax x2 + Novavax = 7; Moderna x3 + Novavax = 60; Pfizer x3 + Novavax = 58 to 60 Anti-BA.1 + Novavax Anti-BA.5 Pfizer x3 + Novavax © 2023 NOVAVAX. All rights reserved. 50#51NV novavax Boost with Prototype, BA.1 and Bivalent Vaccine Formulation Preliminary top-line results Variant strain-change study Utility of variant and bivalent vaccine Boosting following 2 and 3 doses of mRNA © 2023 NOVAVAX. All rights reserved. 51#52Study 311 design: Boost with prototype vs. BA.1 vs. Bivalent • Subjects 18-64 years of age, N=955 • • . • 2 or 3 doses of mRNA COVID vaccine with last dose >90 days prior to enrollment (median = 180 days) Priming series: • 2 doses of mRNA vaccine N=123* 3 doses of mRNA vaccine N = 832 Boost Novavax x1 dose • - Prototype OR Omicron BA.1 OR bivalent ( Prototype + Omicron BA.1) Primary endpoint in individuals with 3 priming doses and baseline anti-N seronegative Open Label ≥ 3 months Prototype Immunology Omicron BA.1 Prior mRNA COVID-19 +/- boost with MRNA COVID vaccines vaccine Bivalent (Prototype + BA.1) Day 0 Day 14 Day 28 novavax * 2 dose group: Last dose at least 180 days prior to boost © 2023 NOVAVAX. All rights reserved. 52#53Study 311: Demographics and baseline characteristics NK BA.1 Vaccine (N = 279) Prototype Vaccine (N = 273) Bivalent Vaccine (N = 277) Age (years) - median (range) 42.0 (18-64) 41.0 (18-64) 41.0 (18-64) Female 53.4% 52.0% 56.3% Race White 81% 78.4% 82.3% Asian 13.3% 16.5% 14.1% Other 2.9% 2.9% 2.2% Median interval to boost (Days) 177.0 182.0 180.0 Previous vaccine Pfizer x 3 75.6% 78.0% 73.3% Previous vaccine Pfizer x 2, Moderna 23.3% 20.5% 24.5% Anti-N or PCR positive 49.5% 52.4% 50.5% novavax © 2023 NOVAVAX. All rights reserved. 53#54Study met co-primary endpoints supporting strain change BA.1 Neutralizing antibodies BA.1 Geometric Mean Titer (GMT) (95% CI) BA.1 vaccine Prototype vaccine 88.6 (73.5, 106.7) 135.6 (111.6, 164.9) Geometric Mean Ratio (GMR) (95% CI) 1.6 (1.31, 2.03) >4-fold Seroconversion Rate 73.4 (SCR) (64.1, 81.4) 51.4 (41.6, 61.1) (95% CI) Difference in SCR (95% CI) 22.0 (9.2, 34.2) Superiority of BA.1 vaccine vs prototype for GMTs demonstrated as lower-bound of 95% CI for GMT ratio is > 1 Non-inferiority of BA.1 vaccine vs prototype for SCRS demonstrated as lower-bound of 95% CI for difference of SRR is > -5% novavax © 2023 NOVAVAX. All rights reserved. NK 54 54#55Anti-S IgG GMT with 95% CI IgG responses independent of formulation: No advantage against BA.5 with a BA.1-specific booster Primary series of mRNA vaccines + Novavax booster (Prototype, BA-1 or Bivalent strain) Prototype IgG BA.1 IgG BA.5 IgG 95% VE 90,875 100,000 72,015 76,903 49,827 43,474 42,060 38,353 29,915 31,724 88% VE* 10,000 1,000 100 10 Prototype BA.1 Boost Boost Bivalent Boost novavax Prototype Boost BA.1 Boost Bivalent Boost Prototype Boost BA.1 Boost Bivalent Boost *Correlates of Protection inferred from Fong, Y., et al., 2023. DOI: 10.1038/s41467-022-35768-3 Validated assays performed at Novavax Clinical Immunology, includes all participants © 2023 NOVAVAX. All rights reserved. 55 55 NK#56Neutralization independent of formulation: No advantage against BA.5 with a BA.1-specific booster Primary series of mRNA vaccines + Novavax booster (Prototype, BA-1 or Bivalent strain) 10,000 Prototype neutralization BA.1 neutralization 93% VE* BA.5 neutralization Pseudovirus Neutralization GMT with 95% CI 1,000 100 2,752 2,447 2,295 1,971 1,204 1,303 857 891 819 82% VE* 10 Prototype Boost BA.1 Boost Bivalent Boost novavax Prototype Boost BA.1 Boost Bivalent Boost Prototype Boost BA.1 Boost Bivalent Boost *Correlates of Protection inferred from Fong, Y., et al., 2023. DOI: 10.1038/s41467-022-35768-3 Validated assays performed at Monogram, includes all participants NK © 2023 NOVAVAX. All rights reserved. 56 56#57Local solicited symptoms similar across study groups after boost Boost dose administered median 6 Months after 3 doses mRNA 100% 80% 60% 40% 20% 100% 0% BA.1 Prototype Pain/Tenderness Bivalent All grades Grades 3+ Swelling Erythema 80% 60% 40% 20% 0% Fatigue* Headache Muscle pain Joint pain N/V novavax Fever © 2023 NOVAVAX. All rights reserved. 57 NK