Novavax CEO John Jacobs gave an update at the JPM Healthcare Conference. They ended 2025 with roughly $920m in cash and receivables, which they say provides runway into 2028. The main focus was their Matrix-M adjuvant technology. Their malaria vaccine partnership hit 85% market share in Africa last year. For the Covid vaccine, they got US BLA approval in 2025 and are planning a full launch in 2026. Strategy going forward is lean operations and more licensing deals. They signed agreements with two top 10 pharma companies recently to let them test Matrix-M for potential future partnerships.