Novavax (NVAX) is down about 15% to $1.28 in after-hours trading despite positive topline data for the Phase 2 trial for RSV F vaccine in older adults. The problem for investors is that Novavax didn't provide a lot in the way of new positive information and actually hinted at higher costs in 2018. Considering the company already passed Phase 2 trials once, positive toppline data on RSV F vaccine in older adults isn't exactly earth shattering. The other news that the Phase 3 Prepare trial is progressing again doesn't help the stock. The news that mostly concerns investors is the intent to start a Phase 2 efficacy trial in older adults in 2018 to evaluate COPD exacerbations as prospective endpoint. The company talks about potential partners, but the key question coming out of the Q2 report and moving forward with all of these trials the rest of the year and in 2018 is going to be cash with the stock trading near $1. Any need for cash will be highly dilutive to existing shareholders. More to follow on this one. Disclosure: No position