As highlighted on Thursday, Novavax (NVAX) traded down over 80% on Friday following disappointing results surrounding trials related the RSV vaccine candidate called Resolve. The following slide from the investor presentation sums up the issues with the Phase 3 trial results. The attack rates were highly inconsistent with the results from the Phase 2 trial. At this point, Novavax is busy investigating whether the light RSV season, geographic exposure, or any other unexpected reason impacted the test results. As the company highlighted on the call, the Phase 2 results are still the best in the RSV category. The news caught most investors off side including all these articles from biotech contributors on Seeking Alpha that thought positive Phase 3 results were a done deal. The path forward includes $300 million in cash and debt not due for 7 years. As well, the company has Zika and Ebola vaccines with positive early indications. Ultimately though, the key is whether Novavax can salvage Resolve to figure out a path forward for what was a very promising RSV vaccine candidate where huge unmet needs exists. The analyst meeting on October 11 should provide a pivotal moment as the company has roughly 1 month to analyze the data and figure out what went wrong before providing a solution to the investor community. A reasonable plan provides upside to the stock. No plan sends the stock to $1 and possibly below. Disclosure: No position