UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13D/A


                  UNDER THE SECURITIES AND EXCHANGE ACT OF 1934
                                (Amendment No.2)*


                                  NOVAVAX, INC.
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                            (Name of Subject Company)

                            Common Stock, $.01 value
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                         (Title of Class Of Securities)

                                    670002104
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                                 (CUSIP Number)

                          Linda Crouch-McCreadie, Esq.
                       Baker, Donelson, Bearman & Caldwell
                         207 Mockingbird Lane, Suite 300
                          Johnson City, Tennessee 37602
                                 (423) 928-0181
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                 (Name, Address and Telephone Numbers of Person
                Authorized to Receive Notices and Communications)

                                October 27, 2005
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             (Date of Event which Requires Filing of this Statement)

If the filing person has previously  filed a statement on Schedule 13G to report
the  acquisition  which is the subject of this  Schedule 13D, and is filing this
Schedule because of ss.ss.240.13d-1(e), 240.13d- 1(f) or 240.13d-1(g), check the
following box [ ].

Note:  Schedules  filed in paper format shall include a signed original and five
copies of the  schedule,  including  all exhibits.  See  ss.240.13d-7  for other
parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for  any  subsequent   amendment   containing   information  which  would  alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).




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CUSIP No. 670002104                                                      Page 2
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1.  Names of Reporting Persons.  S.S. or          SJ Strategic Investments, LLC
    I.R.S. Identification Nos. of Above           30-0060195
    Persons
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2.  Check the Appropriate Box if a Member               (a)
    of a Group (See Instructions)                       (b) X
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3.  SEC Use Only
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4.  Source of Funds (See Instructions)                  N/A
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5.  Check if Disclosure of Legal Proceedings
    is Required Pursuant to Items 2(d) or 2(e)
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6.  Citizenship or Place of Organization                Tennessee
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Number of Shares       7.  Sole Voting Power                0
Beneficially           ------------------------------------------------------
Owned by Each          8.  Shared Voting                    0
Reporting Person           Power
with                   ------------------------------------------------------
                       9.  Sole Dispositive                 0
                           Power
                       ------------------------------------------------------
                       10. Shared Dispositive               0 
                           Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned
    by Each Reporting Person                                0
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in
    Row (11) Excludes Certain Shares (See
    Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount                  0%
    in Row (11)
--------------------------------------------------------------------------------
14. Type of Reporting Person (See                          OO
    Instructions)
--------------------------------------------------------------------------------




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CUSIP No. 670002104                                                      Page 3
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1.  Names of Reporting Persons.  S.S. or                         John M. Gregory
    I.R.S. Identification Nos. of Above
    Persons
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2.  Check the Appropriate Box if a Member               (a)
    of a Group (See Instructions)                       (b) X
--------------------------------------------------------------------------------
3.  SEC Use Only
--------------------------------------------------------------------------------
4.  Source of Funds (See Instructions)                  N/A
--------------------------------------------------------------------------------
5.  Check if Disclosure of Legal Proceedings
    is Required Pursuant to Items 2(d) or 2(e)
--------------------------------------------------------------------------------
6.  Citizenship or Place of Organization                United States of America
--------------------------------------------------------------------------------
Number of Shares          7.  Sole Voting Power          0
Beneficially              ------------------------------------------------------
Owned by Each             8.  Shared Voting              0
Reporting Person              Power
with                      ------------------------------------------------------
                          9.  Sole Dispositive           0
                              Power
                          ------------------------------------------------------
                          10. Shared Dispositive         0
                              Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned                  0
    by Each Reporting Person
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in
    Row (11) Excludes Certain Shares (See
    Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount               0%
    in Row (11)
--------------------------------------------------------------------------------
14. Type of Reporting Person (See                        IN
    Instructions)
--------------------------------------------------------------------------------




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CUSIP No. 670002104                                                      Page 4
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1.  Names of Reporting Persons.  S.S. or                         Joan P. Gregory
    I.R.S. Identification Nos. of Above
    Persons
--------------------------------------------------------------------------------
2.  Check the Appropriate Box if a Member               (a)
    of a Group (See Instructions)                       (b) X
--------------------------------------------------------------------------------
3.  SEC Use Only
--------------------------------------------------------------------------------
4.  Source of Funds (See Instructions)                   N/A
--------------------------------------------------------------------------------
5.  Check if Disclosure of Legal Proceedings
    is Required Pursuant to Items 2(d) or 2(e)
--------------------------------------------------------------------------------
6.  Citizenship or Place of Organization                United States of America
--------------------------------------------------------------------------------
Number of Shares          7.  Sole Voting Power                 0
Beneficially              ------------------------------------------------------
Owned by Each             8.  Shared Voting                     0
Reporting Person              Power
with                      ------------------------------------------------------
                          9.  Sole Dispositive                  0
                              Power
                          ------------------------------------------------------
                          10. Shared Dispositive                0
                              Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned
    by Each Reporting Person                                    0
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in
    Row (11) Excludes Certain Shares (See
    Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount                      0%
    in Row (11)
--------------------------------------------------------------------------------
14. Type of Reporting Person (See                               IN
    Instructions)
--------------------------------------------------------------------------------




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CUSIP No. 670002104                                                      Page 5
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1.  Names of Reporting Persons.  S.S. or                           Susan Gregory
    I.R.S. Identification Nos. of Above
    Persons
--------------------------------------------------------------------------------
2.  Check the Appropriate Box if a Member               (a)
    of a Group (See Instructions)                       (b) X
--------------------------------------------------------------------------------
3.  SEC Use Only
--------------------------------------------------------------------------------
4.  Source of Funds (See Instructions)                   OO
--------------------------------------------------------------------------------
5.  Check if Disclosure of Legal Proceedings
    is Required Pursuant to Items 2(d) or 2(e)
--------------------------------------------------------------------------------
6.  Citizenship or Place of Organization                United States of America
--------------------------------------------------------------------------------
Number of Shares          7.  Sole Voting Power                 0               
Beneficially              ------------------------------------------------------
Owned by Each             8.  Shared Voting                     0
Reporting Person              Power
with                      ------------------------------------------------------
                          9.  Sole Dispositive                  0
                              Power
                          ------------------------------------------------------
                          10. Shared Dispositive                0 
                              Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned
    by Each Reporting Person                                    0
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in
    Row (11) Excludes Certain Shares (See
    Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount                      0%
    in Row (11)
--------------------------------------------------------------------------------
14. Type of Reporting Person (See                               IN
    Instructions)
--------------------------------------------------------------------------------




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CUSIP No. 670002104                                                      Page 6
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1.  Names of Reporting Persons.  S.S. or                        James M. Gregory
    I.R.S. Identification Nos. of Above
    Persons
--------------------------------------------------------------------------------
2.  Check the Appropriate Box if a Member               (a)
    of a Group (See Instructions)                       (b) X
--------------------------------------------------------------------------------
3.  SEC Use Only
--------------------------------------------------------------------------------
4.  Source of Funds (See Instructions)                   N/A
--------------------------------------------------------------------------------
5.  Check if Disclosure of Legal Proceedings
    is Required Pursuant to Items 2(d) or 2(e)
--------------------------------------------------------------------------------
6.  Citizenship or Place of Organization                United States of America
--------------------------------------------------------------------------------
Number of Shares          7.  Sole Voting Power                 0 
Beneficially              ------------------------------------------------------
Owned by Each             8.  Shared Voting                     0
Reporting Person              Power
with                      ------------------------------------------------------
                          9.  Sole Dispositive                  0
                              Power
                          ------------------------------------------------------
                          10. Shared Dispositive                0 
                              Power
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned
    by Each Reporting Person                                    0
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in
    Row (11) Excludes Certain Shares (See
    Instructions)
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount                      0%
    in Row (11)
--------------------------------------------------------------------------------
14. Type of Reporting Person (See                               IN
    Instructions)
--------------------------------------------------------------------------------




This  Amendment  No. 2 to the  Schedule  13D  relating  to the  Common  Stock of
Novavax,  Inc.  is being filed to report a  disposition  of shares of the Common
Stock.

Item 1.  Security and Issuer.
         -------------------

     The title and class of equity securities to which this statement relates is
the Common  Stock,  $.01 value (the  "Common  Stock"),  of  Novavax,  Inc.  (the
"Issuer").  The  Issuer's  principal  executive  offices are located at 508 Lapp
Road, Malvern, Pennsylvania 19355.

Item 2.   Identity and Background.
          -----------------------

     (a)  This report is being filed by SJ Strategic  Investments,  LLC, John M.
          Gregory and Joan P. Gregory, husband and wife, Susan Gregory and James
          M.  Gregory  (collectively,  the  "Reporting  Persons").  SJ Strategic
          Investments,  LLC  ("SJSI")is a Tennessee  limited  liability  company
          which has a principal  business of engaging in investment  activities.
          The  members  of SJSI  are John M.  Gregory,  Joan P.  Gregory,  Susan
          Gregory and James M.  Gregory.  Susan Gregory and James M. Gregory are
          the children of John M. Gregory and Joan P. Gregory.

     (b)  The  address for the  Reporting  Persons  and the  principal  business
          office for SJSI is:

          SJ Strategic Investments LLC
          340 Edgemont Avenue, Suite 500
          Bristol, TN 37620.

     (c)  John M. Gregory is the Managing  Member of SJSI.  Joan P. Gregory is a
          homemaker and is not presently  employed in any other capacity.  Susan
          Gregory is the Chief Investment  Officer for SJSI. James M. Gregory is
          a full-time student.

     (d)and(e) None of the  Reporting  Persons has,  during the last five years,
          (i)  been  convicted  in  a  criminal  proceeding  (excluding  traffic
          violations  or similar  misdemeanors)  or (ii) been a party to a civil
          proceeding  of  a  judicial  or   administrative   body  of  competent
          jurisdiction and as a result of such proceeding was or is subject to a
          judgment,  decree or final order  enjoining  future  violations of, or
          prohibiting activities subject to, federal or state securities laws or
          finding any violation of such laws.

     (f)  John M. Gregory,  Joan P. Gregory,  Susan Gregory and James M. Gregory
          are citizens of the United States of America.




Item 3.   Source and Amount of Funds or Other Consideration.
          -------------------------------------------------

     Not applicable.

Item 4.   Purpose of Transaction.
          ----------------------

     Not applicable.

Item 5.   Interest in Securities of Issuer.
          ---------------------------------

     (a)  Not applicable.


     (b)  Not applicable.



(c)  During the 60 day period ended as of the date  hereof,  SJSI has engaged in
     the following  transactions,  with all transactions having been made in the
     open market for cash:

          Transaction        Date           No. of Shares        Price Per Share
          -----------        ----           -------------        ---------------
          Sale            10/26/05              50,000                $ 5.30
          Sale            10/27/05             842,360                $ 4.48
          Sale            10/28/05           1,064,000                $ 3.689
          Sale            10/28/05              45,000                $ 4.199
          Sale            10/31/05             755,140                $ 3.91
          Sale            11/02/05             245,000                $ 3.995
          Sale            11/03/05             712,000                $ 3.995
          Sale            11/04/05             288,000                $ 3.961

(d)  The Reporting  Persons affirm that no other person has the right to receive
     or the power to direct the receipt of dividends  from, or the proceeds from
     the sale of, the shares of the Issuer's Common Stock  beneficially owned by
     the Reporting Persons.

(e)  Not Applicable.

Item 6.   Contracts, Arrangements,  Understandings or Relationships With Respect
          ----------------------------------------------------------------------
          to Securities of the Issuer.
          ----------------------------


     Other than the Stock Purchase  Agreement,  filed previously,  the Reporting
Persons do not have any contract,  arrangement,  understandings or relationships
with respect to securities of the Issuer.


Item 7.   Material to be Filed as Exhibits.
          ---------------------------------

          Exhibit   Description
          -------   -----------

            1       Joint Filing Agreement (filed previously)
            2       Common Stock Purchase Agreement by and between Novavax, Inc.
                    and SJ Strategic Investments,  LLC, dated February 17, 2003
                    (filed previously)





                                   SIGNATURES

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.


Date: November 4, 2005


                                          SJ Strategic Investments, LLC


                                      By: /s/  John M. Gregory
                                          --------------------------------------
                                          John M. Gregory
                                          Its:  Managing Member

                                          /s/  John M. Gregory
                                          --------------------------------------
                                          John M. Gregory


                                          /s/  Joan P. Gregory
                                          --------------------------------------
                                          Joan P. Gregory


                                          /s/  Susan Gregory
                                          --------------------------------------
                                          Susan Gregory


                                          /s/  James M. Gregory
                                          --------------------------------------
                                          James M. Gregory