Acquisition of Novavax CZ.

3 Months Ended

Mar. 31, 2021

Acquisition of Novavax CZThe results of operations from Novavax CZ, acquired in May 2020, have been included in the consolidated financial statements since the date of acquisition. As a result, the consolidated financial results for the three months ended March 31, 2020 do not reflect Novavax CZ results. During the three months ended March 31, 2021, Novavax CZ did not recognize any revenue, recorded an exchange rate loss on intercompany loans of $5.9 million that is included in other expense in the Consolidated Statement of Operations, and a net loss of $16.7 million from Novavax CZ operations.

The supplemental pro forma financial information for the periods set forth below gives effect to the acquisition as if it had occurred as of January 1, 2020. The pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition been consummated as of that time. The unaudited pro forma financial information combines the historical results of operations of the Company and Novavax CZ for the periods presented below and reflects the application of certain pro forma adjustments (in thousands, except per share amounts):


	Three Months Ended March 31,
	2021		2020

Revenue	$	447,229	$	3,377
Net loss	(222,719)		(27,625)
Basic and diluted net loss per share	$	(3.05)	$	(0.53)

Pro forma adjustments include the recognition of depreciation expense based on the acquisition date fair value and remaining useful lives of Novavax CZ fixed assets (net of historical depreciation expense) and the elimination of costs related to the acquisition, which are non-recurring in nature.