1. Novavax has formed a significant partnership with Sanofi, involving potential payments of $1.2 billion and crucial commercial support. 2. The company's COVID-19 vaccine is targeting the JN.1 variant, but newer Omicron variants have surpassed it, affecting its competitive edge. 3. Financial stability depends on achieving key milestones in the Sanofi partnership and successful commercialization of new vaccines.