Novavax (NVAX) is trading down over 85% in after hours to $1.15 on news that the Phase 3 trial and Phase 2 rollover trial of a promising RSF vaccine didn't meet efficacy objectives. The vaccine stock lost an incredible $1.8 billion off the market cap that had ended the regular trading day at $2.25 billion. With the Q2 quarter ending in June, Novavax reported a cash balance of $366.4 million. The company used $131.9 million for operations during the 1H of the year. For Q2, the company spent $64.9 million on R&D and $14.1 million on G&A for a net loss of $79.3 million. Analysts expected nearly similar losses for Q3 and Q4 so Novavax will burn a large amount of cash by year end. The stock is back down to the 2013 lows before the big rally on the promising vaccines. The company does have a diversified pipeline that might offer an opportunity on this weakness. For now though, let the stock shack out and research the options for a rebound. Disclosure: No position