Novavax ($NVAX@US), the biotech company, announced promising new vaccine data and a broad cost-cutting push, including significant layoffs. The company is betting on cost controls and new vaccines to help it stay afloat, forecasting 2023 sales of $1.4 billion to $1.6 billion. Novavax's combination vaccine that targets both Covid and the flu produced a robust immune response against the viruses and was well-tolerated in a phase two trial. Novavax still reported a bleak first quarter, with sales of $81 million, down from $704 million a year ago. Novavax shares are down 27 percent for the year, putting the company's market value at roughly $643 million.