Yes it is depressing. The efficacy was good. The side-effects after the first dose wasn't an issue fine but what is troubling is the jump in grade 3 side effects after the second dose. I sold off 1/3 of my position based on that.
It may be that the FDA wasn't as aware or concerned about side-effect after the low incidence of myocarditis in mRNA vaccines than when they were approved. I looked up the incidence of myocarditis in mRNA vaccines but it is ~1 per 100,000, which is an order of magnitude lower than this reports says for NVAX.