Dado Ruvic/Reuters
- Novavax shares sank 25% after it said it has "substantial doubt" about its ability to stay in business.
- The biotech plans spending cuts after it fourth-quarter loss was twice as deep as analysts expected.
- It said there's "significant uncertainty" about its revenue, US government funding and unresolved arbitration.
Novavax shares sank as much as 25% after the COVID-19 vaccine maker warned it has "substantial doubt" about its ability to stay in business through next year and it plans cuts to its spending.
The stock was trading 24.6% lower at $6.96 on Wednesday, in the wake of the company's fourth-quarter earnings report on Tuesday.