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ALT Altimmune

Participants
Paul Arndt Investor Relations
Bill Enright Chief Executive Officer
Elizabeth Czerepak Chief Financial Officer and Executive Vice President, Corporate Development
Sybil Tasker Chief Medical Officer
Scot Roberts Chief Scientific Officer
Sarah Weber Piper Jaffray
Call transcript
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Operator

Good day and welcome to the Altimmune Year End 2017 Earnings Call. Today’s conference is being recorded. At this time, I would like to turn things over to Paul Arndt [ph]. Please go ahead.

Paul Arndt

Thank you, Kayla and thank you everyone for participating in today’s 2017 year end earnings conference call. will Enright, today of Executive call Altimmune. the be Chief Bill Officer Leading the Elizabeth Development; today Financial participating call Also on are Executive President Officer Vice Czerepak, of Corporate Dr. and Chief Altimmune’s Medical Officer; Sybil Tasker, Altimmune’s and Roberts, Scientific Altimmune’s Scot Officer. Chief Chief with of release financial XXXX the the company’s company’s yesterday found on results can closed website. and the be issued the after press A was market Investors page

from statements and of for Litigation indicated. everyone begin, of that to remarks risks prospects that cause I constitute those forward-looking expectations, future Reform cautions and we provisions forward-looking Before Harbor could to these remind actual plans purposes Securities Safe are materially under XXXX. would about Private to subject results statements uncertainties that like the Altimmune Act differ

date. issued company made circumstances risks this company’s XX, obligation call occur risk other factors last Securities our with only which future disclaimer release, that available of discussion now or that of affect could some to forward-looking Thursday, earnings the the speak company’s and date, and in the was you of Commission. today’s For to would does the on a these on statement not our in results, as filings any of see quarterly contained today’s undertake XXXX events conference also update and forward-looking Any and night factors direct March is or statements please reflect I website. and statements on to the read Exchange statements any the cautionary the after forward-looking

be Altimmune’s available call is conference on recorded for www.altimmune.com. rebroadcast audio reminder, will and website, a this As being

the brief Bill, listen-only prepared over in to turn Enright, Altimmune. are participants will Executive be there all that, Chief please Bill the company’s remarks. mentioned, operator go following session of will currently now mode I Officer a call Q&A and With the As a ahead.

Bill Enright

good everyone. and Paul you, morning Thank

on our an recent to be are provide accomplishments. here to you today pleased update with We

XXXX. made year. very in other, We all of existing X. These INDs the preclinical Joining that are the series and stocks PharmAthene completed is Dr. X Elizabeth will We PharmAthene, million some all XXXX our call HepTcell Chief XX-month the bell cash with and a promising Phase program. influenza about the successfully $XX X recap submitted Officer study And transitioned today updates with positioned our the our the NasoVAX with period. including related held Scot placement was XXXX who providing Roberts, the year and culminating Czerepak, HepTcell our Financial each well from Altimmune our through B studies, on Tasker, applications our into NASDAQ. very and investigative Phase X sufficient Phase and raised drug Officer, financials; progress from the we exciting we Chief clear amazing offering publicly pre-merger Sybil talk talk private which who requirements and Medical results operational X our we program highlights, our provide SparVax-L Chief NasoShield great into company a comments the on we our merger preferred and or two received of on X last momentum to completed a and few times months heading program will We within a and the the merger Phase about reverse and of an and reverse will from FDA Altimmune. Scientific as a successfully new for from with we results investors, both me on proceed. through merger ongoing at our privately two Officer, Phase review ringing second program; integrated NasoVAX XXXX To continue of vaccine enrollment approximately events within build traded to very us who clinical

flu Over funded programs, come NasoShield anthrax more data the SparVax-L, last intranasal X few additional second our this our and year. and weeks, mid-XXXX study BARDA with we NasoVAX have and anticipate vaccine two-dose readouts announced two vaccine. in We positive both government of the X news in for expected our from NasoVAX, half data to Phase data funded Phase follow-up HepTcell

by potential excited market the flu very for are intranasal opportunity an We vaccine.

just vaccine this flu or and leaded and the cold seeing effectiveness risk not the the potentially is healthy greatly as year-to-year prevent traditional is potentially than are flu can broader lessen typically flu, adults. the As complications effects young the stimulate flu more from we even can rapid vaccine potentially in a effective poor. help flu season, level are The is vary deadly can protection NasoVAX more immune vaccines from and overall and its response. flu of but of NasoVAX

vaccines manufactured cell to CDC reported are culture. that manufactured in of It half with matter than Vaccines vaccines. traditional produced the weeks in rather because flu than be more can potentially virus as have XX% the days changing Additionally, traditional as by against vaccines and can broader may time NasoVAX produced were in chicken effective this strains than it’s cell traditional in less culture in eggs. year a protection it protect be

already an am for and with recent timing to Sybil? we clinical provide expected update have the the on turn and results. to Sybil milestones to provided over will going presentation begin additional the the data. update the We on data review of I

Sybil Tasker

you, Bill. Thank

with this ranging pleased achieving XXX% very dose announced Let begin Xa our NasoVAX. administered robust and Phase NasoVAX, responses of with immune me three doses protection of in data of excellent We tolerability candidate. two Earlier such see were we study our intranasally to vaccine positive tested. zero the review the recombinant week, flu

dose dose. XX with different to vaccination randomized Side than intranasal did adults not not or Our were of one from different healthy placebo. and effects study three levels increase statistically placebo

of who similar than produced compared Fluzone, injected flu the licensed antibody vaccine typically subjects FluMist, received the Results similar XX Sanofi’s intranasal licensed to highest NasoVAX vaccine. flu responses injectable responses immune vaccines. Fluzone. with produces antibodies compared also flu less injectable We the intranasal dose of

very were pleased result. we So this with

importantly, after response six-fold severity more with we disease was vaccination season. transmission result cellular keeping flu limiting with responses is indicates effective influenza. immunity believe More and in this immune important nearly NasoVAX people be the And Cellular T-cell of higher during NasoVAX. well will that median

We are sharing summer. looking additional NasoVAX this forward about results to later

at antibody mucosal to points also the X levels are measuring test up present the of immune later are We after vaccination. and site we time right nose These months in infection response at levels. antibody will

a use the to healthy look a we We forward vaccine range intranasal early are include next easy to very evaluating safe, excited to about NasoVAX’s and adults formulation as in quadrivalent effective, age year. elderly potential wider

week were of HepTcell immunotherapy The endpoint responses of data cohort inconclusive. two this control hepatitis of earlier review with data announced cellular responses primary by also cohort are for patients. compared and Previous evidence tolerability safety secondary T-cell cohort C. Both one. in the about chronic the but included endpoint immune was We these indicated met, increased blinded of cohorts

months Subjects better markers on than as not have is to will un-blinded continue treated be hepatitis different we of will analysis year, help subjects the were appreciably in However, B response. us dose how responses for a in this per performing. marker this to after understand This in study six controls. in antigen, followed surface quantitative T-cell immune placebo the virologic data last their will Later HepTcell protocol. other study addition the

of We will the additional these available. status evaluate when are data this program

the the programs last IND has vaccine complementary and evaluating SparVax-L study safety it actively In The discussed is successful December. just government influenza NasoVAX of and submission NasoShield just sponsored cohorts addition and dose. a is anthrax the technology a dose after comparator Altimmune Phase I of single four in we single to the X two schedule And study placebo as the discussed. two enrolling will two vaccine is based test the immunogenicity vaccine This includes on cohorts. planned anthrax programs and to the safety platform this I intranasal NasoShield. BioThrax. data injectable a And license same about is Enrollment dose proceeding summer. plan an share at blinded dose escalating dose as study open-label NasoShield we highest the a also

is through are exercised. options with Research which or Biomedical As BARDA provide the and Authority if Advance development the funded contract end funding of a contract through point a NasoShield Phase will Development reminder time X

So, will over Chief turn our now I presentation Scientific the to Officer, Scott? Roberts. Scott

Scot Roberts

States. animals from the when a of SparVax-L In received of positive is two coverage our without have was much had anthrax protection for adds immunogenic. Altimmune’s This well extensive the reformulated you, in additional move is And The no have formulation of funding undergone of turn being requirements Phase anthrax licensed government the This extending least advance Altimmune be against and National Europe already in single preclinical temperature expected by my anthrax or and XX% given studies do response following shown protection contracts administered vaccine Earlier the over and Thank SparVax-L allowance through BioThrax this ongoing an is for an years. our XXXX. Institute cold to than demonstrated this life comparing X than is Diseases improved protected currently Japan. doses was has granted United the our study Elizabeth? fully excellent of version expiry and dose to infection. program we sooner And only BioThrax this seeking for challenge. funded With and it’s SparVax-L in an animals forward. to NIAID. at pleasure month program Recently Infectious That Sybil. not we room extended that, announced the shelf at Allergy SparVax dollars additional intranasal XXX of to by program use testing protective United July update protected call IP that the and BioTrax. patent of program financials. is higher subjects were data program. following the IP This notice route. Patent like the X the disease clinical and and is Altimmune antibody doses States vaccine from developed the NasoShield nearly on IP further tolerated to Elizabeth Office were funding with chain stability from two NasoShield either government to to of XXX% that lethal

Elizabeth Czerepak

good and morning Scott everyone. you, Thank

regarding NIAID Altimmune consisting approximately today’s update million anthrax BARDA provide vaccine I and results. primarily an XXXX ended For revenues call, our candidates. end from of year XXXX our for revenue year the for will $XX.X were financial product

XXXX Our in the in was that NIAID million in acquired resulted year XXXX. during in as for revenue PharmAthene with compared $X.X BARDA the contract XXXX. approximately The increases our $X.X result included revenue from for year in million Research $X.X offset of preclinical compared and reduced and $XX.X with to of Revenues of million million also NasoVAX, Oncosyn development to primarily spending an a clinical a contract in increase expenses SparVax-L were NasoShield, XXXX. costs increase by from May program. on merger was the in HepTCell and $XXX partially

in addition, include XXXX not or $X.X result that incurred the did and spending public year. PharmAthene costs research last of Offset development preparations for in the did to PharmAthene associated administrative initial research program costs to offering related million recur increase The as were supported by contract. XXXX $X.X with fees company. and and the of in was increased a R&D were XXXX General and related million In us and compared public not incurred NIAID to for combined development by expenses merger a professional other $X.X for with XXXX. costs with million

from was XXXX. $XX.X as in loss This goodwill no effect charge We net charges on for recorded as common excluded, the year have that charge XXXX cash million loss to income tax $XX.X of attributable ended XXXX for was XXXX attributable goodwill balance refunds federal the compared impaired our XX, non-cash net to losses Net shareholders taxes non-cash $XX.X well the of or impairment goodwill reflected XXXX we receive expect by determined was PharmAthene million million million carrying tax tax are million to and compared to $XX.X When for $XX.X non-cash which In our paid has stockholders credits. with cash to an current recorded offset other income $X.X XXXX XXXX. million, operating benefit December we impairment state and in back a flows. common our XXXX. operating the estimated

support quarter and refunds XX, with December to in $XX.X of million cash. equivalents As this XXXX, approximately and tax amount sufficient first restricted had We of the committed into cash and we expected believe our operations that XXXX. is funding revenue together cash,

turn For to back SEC Form annual filed further with our Bill? And like to results, over details on our I please be refer expected would XXXX Bill. shortly. now, on the to financial XX-K to report it

Bill Enright

Thank you.

Chairman a solid on As all corporate appointed made XXXX Mitch very see, this you progress we experience can and significant Altimmune. of into input. with Chairman and our as have from productive board. and at Sayare brings his had his and CEO ImmunoGen the we astute momentum fronts, quarter exciting time side as welcome is we on moving insight years Mitch tremendous including where of It

Looking for to the work put that, manufacturing I our joining our later in HepTcell immunogenicity the now our additional and Phase this in have today. to year the and I’d third in for ongoing last including for employees quadrivalent for from like several summer, milestones, from everyone forward, With our NasoShield we Phase of data study us study quarter, from important our their ongoing shareholders third thank additional the the initiation Thank X Q&A. near-term tremendous you for study like open board X and Phase Operator? Phase X over quarter NasoVAX X support. would data our study. data NasoVAX they call

Operator

We Instructions] Duncan, go [Operator Charles to Piper you. first will Thank Jaffray.

Sarah Weber

is Sarah Hi, morning. had a on couple This questions on good NasoVAX the I Congratulations that. for on of Charles. data.

both the and immune you like sounds look responses. it at first, high So, doses middle generator-sufficient

what from you the understand study? this you about can So, learned dosing

Bill Enright

that. let am for go I joining to Sybil call. thanks answer ahead Sarah the going and

Sybil Tasker

to at the you response, the than and we dose at so dose important. strategic really going are when Hi, especially the response the and probably viable we the Sarah. middle are look continue highest which levels to dose durability data, we evaluate response with higher high feel and than that going of middle NIH We both forward when look durability it’s had plan saw dose antibody the

going data going forward. doses to for be the wait we So, sure of final are best the to what

Sarah Weber

NasoVAX its on great. from And Phase to the you like the the think then Okay, traditional potential is more for to Xa, vaccines, robust formulation versus you do feel immune generate about update based are how first have the player, of responses? data evidence more continuing this you advantage

Bill Enright

Yes.

a and of advantage well we antibody get will think So, I to I the that, response disease but intranasal addition just over shot, impact increasingly is as think limit we in year, is that and but the important important those becoming anybody people out, the likes that’s antibody not also when data the there becoming injected T-cell the year, of that important is the effect. a we but Clearly, are the to really increasingly increase for looks Right, or route important large disease, that administration more actually lot route that so pointed reality for see intranasal don’t response like look this preventing vaccine believe T-cell necessary disease. Sybil of in formulation. this administration the and the convenient aware is in the response is the getting we response is see more actually protection at we is mucosal response T-cell limiting as later and more it

think I a of unique a that we have opportunity So marketplace. different the got really in really us gives flu kind vaccine

Sarah Weber

next the and expect program, us should one last year? And just thanks. this on anthrax that understand investor step you help can news the program that question the Great, for later

Bill Enright

Sure.

and DoD additional and and/or So, for comparison saw to year that that funding SparVax-L are looking with of different from both BARDA we with really additional in program, clinical the move earlier two this program that the we the study NYAD we for forward talked studies. about great BioThrax program anthrax or consists vaccines the data

BARDA but data that summer, looking the data NasoShield that the one the be option triggering from this financial of at data that immunogenicity main about that and will discussions those have we two of side On will contract. And cohorts the are positive those with cohort are dose available single piece then and that study are from have time our at both with the that’s the the studies of intranasal same we contract. expecting administrations, then in up we and we later with part will following the data we from safety

Sarah Weber

congrats the and Thanks on progress.

Bill Enright

Thanks very much, Sarah.

Operator

go will Sherman to We Capital. of David Instructions] next LifeSci [Operator

Unidentified Analyst

Hi, next great for trial this Phase Sherman. is please you the of could would [indiscernible] speaking David on on the good if I NasoVAX, behalf a question regarding Congrats data all design and again a that XXXX. be elaborate please? have on its X good

Bill Enright

talk that am for to very you the Sybil about study. I call going and of X thank the much Yes, let joining design Phase again

Sybil Tasker

Yes.

and enrollment similar to healthy planning assumption has an continue level would two want to dose we healthy comparator. have at the are versus underdogs stratified would be elderly. So, that we endpoints. so – make that check The so levels in comparator to for of immunity requested placebo. same plan dose stratify versus placebo design levels sure reevaluate levels we be get past could dose versus with The be but also active between have the probably we two would are to safety, we quad, in look and elderly X that comparator that with immunogenecity we that going we two we an placebo forward will all of patients endpoints those active FDA the be study high that would in the to may and

looking would infection. part exploratory of influenza efficacy protective endpoint We also the in the against would of actual we later as confirmation dose be

Unidentified Analyst

That’s Appreciate it. much. you very great. Thank

Sybil Tasker

You are welcome.

Operator

the to for back to would speakers no with I remarks. it And further questions, like turn closing

Bill Enright

Kayla for much, participating. thanks you everyone again Thank very and

our the the from potential X Good two moving company Phase about our forward. NasoShield making of we programs, are excited and are the We progress positive data the morning.

Operator

conference. for thank today’s concludes your That We participation. you

may disconnect. You now