The pandemic set off an intense race among pharmaceutical companies to produce effective vaccines against COVID-19. Pfizer and Moderna proved to be the leaders. But other companies like Novavax's (NASDAQ: NVAX) have been hard at work in the laboratory as well.

Yet, despite getting its Nuvaxovid coronavirus jab approved for sale in the U.S., E.U., Japan, and a bevy of other places, Novavax saw its stock fall more than 93% in 2022. Further losses could well be on the way, and that should discomfort shareholders and prospective buyers alike. Here's why. 

Novavax's critical weakness continues to be its manufacturing operations, which since mid-2021 have struggled to scale up to meet the company's ambitions -- never mind the purchase orders for which it already received payment from customers.

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Source Fool.com