Shares of Novavax plummeted 25% in extended trading after the company reported fourth-quarter earnings that missed analyst estimates.

While the firm should have enough money to fund operations, the situation is “subject to significant uncertainty”, it said in a statement.

“Given these uncertainties, substantial doubt exists” regarding its ability to carry on its business, Novavax added.

On Tuesday, the company reported a loss of US$182 million in the fourth quarter, on weaker sales than expected at US$357 million.

For now, the company is gearing up for a fall vaccination campaign and said it plans to focus on delivering an updated Covid-19 vaccine.

Maryland-based Novavax was an early frontrunner in the global vaccine race but fell behind after being hit by manufacturing and regulatory delays.

The company faced delays in regulatory submissions for its jab, which was authorised in July last year in the US.

Prior to that, the US was one of a few major markets where it had yet to receive authorisation after getting the green light from the EU, UK, Canada and Australia.