May 9 Reuters Novavax said on Tuesday it will reduce its global workforce by 25 as the cashstrapped biotech pushes forward with its plans to slash expenses and navigate tepid demand for its COVID19 vaccines.

The company, which had earlier flagged significant uncertainty around generating revenue for the year, said it expects total annual revenue between 1.4 billion and 1.6 billion, relying on a timely launch of its updated COVID shot.

Separately, Novavax said its COVIDflu combination shot was safe and welltolerated in a midstage study, sending shares of the company up 9 before the bell.

Global regulators expect COVID vaccination campaigns to be conducted once a year, similar to annual flu inoculations.

Novavax39;s coronavirus vaccine is its lone marketed product after 35 years in business and the company is now hoping that its cost controls and a successful trial for its COVIDflu combination vaccine candidate will help it stay afloat.

For the first quarter, it reported a net loss of 293.9 million, compared with a yearago profit of 203.4 million.

The layoffs, part of Novavax39;s ongoing costreduction measures, would translate to about 498 jobs out of the 1,992 fulltime employees it had as of Feb. 21 according to the company39;s latest regulatory filings.

The biotech expects the costcut plans to help reduce its annual research and commercial expenses by 20 to 25 from last year. It will also record about 10 million to 15 million in restructuring charges.

The company…