Shares of Novavax (NASDAQ: NVAX) are crashing 25.2% lower as of 10:45 a.m. ET on Wednesday. The steep decline came after the company provided its 2022 full-year and fourth-quarter updates after the market close on Tuesday.

Novavax announced fourth-quarter revenue of $357 million, up 61% year over year. It posted a net loss in Q4 of $182 million, or $2.28 per share. This result was much worse than the consensus estimate of a net loss of $0.92 per share.

However, this earnings miss wasn't the biggest worry for investors. Novavax stated that "substantial doubt exists regarding our ability to continue as a going concern" over the next year.

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Source Fool.com