Novavax, Inc. (NASDAQ:NVAX) Q2 2020 Earnings Conference Call - Final Transcript

Aug 10, 2020 • 04:30 pm ET


Novavax, Inc. (NASDAQ:NVAX) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. And welcome to the Novavax Second Quarter 2020 Financial Operating Results Conference Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Silvia Taylor. Ma'am, you may begin.

Silvia Taylor

Thank you. Good afternoon, and thank you to everyone who has joined today's call to discuss our second quarter 2020 operational highlights and financial results. A press release announcing our results is currently available on our website at, and an audio archive of this conference call will be available on our website later today. We will also post the slides from today's call on our website.

Joining me today are Stan Erck, President and CEO; Dr. Gregory Glenn, President of Research and Development; and John Trizzino, Executive Vice President, Chief Business Officer and Chief Financial Officer.

Before we begin with prepared remarks, I need to remind you that we will be making forward-looking statements during this teleconference that could include financial, clinical or commercial projection. Statements relating to future financial or business performance, conditions or strategy and other financial and business-related matters, including expectations regarding revenue, operating expenses, cash usage in clinical development and anticipated milestones, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Novavax cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time.

I would now like to hand the call over to Stan to begin [Technical Issues].

Stanley C. Erck

Thanks, Silvia, and thanks to everyone joining us this afternoon. The last few months have been historic for Novavax since identifying our vaccine candidate in March. In just four months, we have garnered over $2 billion in funding for its development. We've secured significant manufacturing capacity, signed several research and manufacturing collaborations with organizations around the world. And most importantly, we delivered positive Phase 1 clinical data for the Phase 1/2 trial of Novavax CoV2373, our COVID-19 vaccine and are poised to quickly move into Phase 2 this month.

As we hosted a call last week to detail the NVX-CoV2373 Phase 1 clinical data, we're going to keep today's call short. In terms of an agenda, I'll start with a high level review of the numerous achievements for our COVID-19 vaccine in the quarter. Greg, will then go over the highlights of the Phase 1 data. I'll come back to provide some additional updates and to provide a quick update on the rest of our pipeline. John will then review the financials for the quarter. We'll will then wrap up and take your questions.

Let's move to Slide 3. This slide illustrates the significant progress we have made for NVX-CoV2373. As I just mentioned, we identified NVX-CoV2373 as a candidate back in April. After preclinical testing, demonstrated high immunogenicity for NVX-CoV2373 in animal models, our clinical team was then able to start the