Novavax (NVAX) reported Q3 results typical of the small biotech. The company lost a ton of money and the discussion continues to shift towards a new clinical trial in the Phase 1/2 range as opposed to the ongoing late stage Phase 2/3 trials. The scary part is the combination with the recent CFO exit sends a not so promising signal. The company lost $44.6 million during Q3 and cash is down to $172.6 million. The news should've been the upcoming Phase 3 trial results for the Prepare trial for infants via maternal immunization. The company could only discuss more enrollment in 2018 while focusing almost entirely on the NanoFlu drug in Phase 1/2 trials for the flu. Continue avoiding the biotech until management focuses on the late stage trials and quits burning cash on new drug candidates that will soon enough force another capital raise. Disclosure: No position