Gaithersburg’s Novavax slashing workforce, chopping expenses ahead of fall Covid-19 vaccine launch

Gaithersburg’s Novavax Inc. (NASDAQ: NVAX) is taking more aggressive steps to preserve its cash and ensure it can stay in business — slashing a quarter of its workforce, consolidating its real estate and paying down liabilities — before its planned fall launch of a new Covid-19 vaccine. The local biotech said Tuesday the restructuring should help reduce its 2023 research and development spending and sales, general and administrative expenses by 20% to 25% compared to last year.