ALT Altimmune

Stacey Jurchison Senior Director, Investor Relations and Corporate Communications
Vipin Garg President and Chief Executive Officer
Scot Roberts Chief Scientific Officer
Scott Harris Chief Medical Officer
Will Brown Chief Financial Officer
Seamus Fernandez Guggenheim Partners
Yasmeen Rahimi Piper Sandler
Kelechi Chikere Jefferies
Jonathan Wolleben JMP Securities LLC
Liisa Bayko Evercore ISI
Yuan Zhi ‎B. Riley Securities
Call transcript
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Greetings and welcome to the Altimmune, Inc.

First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. to conference like host, to now Ms. would turn over the your I Director, Corporate Relations Jurchison, Investor Stacey Senior and Communications Altimmune. for you. Thank

You begin. may

Stacey Jurchison

you, XXXX morning, in Thank be Vipin the good you Chief will and participating Executive our for Officer. call everyone. today Altimmune’s Conference Earnings Thank Quarter Garg, Call. Leading First Melissa,

Chief our Officer; Altimmune Scot Roberts, Officer; the of the and members Financial Harris, participating on call Chief Chief Scientific Medical today Additional team are Scott our Will Officer. Brown, our

we remarks, release quarter financial morning prepared Following the a press results on hold this company’s the session. A found of will with question-and-answer issued IR be our XXXX section and website. the first can was

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

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

replay and for Garg, Executive on I that, Chief being call be will this Officer Altimmune’s a the will now Vipin is audio With Altimmune. reminder, conference Dr. call turn available of recorded As website. to over

Vipin Garg

morning, you, Thank of Stacey, financial business appreciate our XXXX us update. We results today everyone. a and and you discussion first good for quarter joining

quarter for a our trying new call format slide this accompanying our have remarks. presentation a and We’re

As review data our we we impressive visual new have through Scot to Roberts and AdCOVID for the aids. be will will take candidate momentarily, preclinical slides want you that vaccine helpful

for clinic. candidates our we Our period development efforts have XXXX the the data-rich And over set stage advancing be in company. past investigational multiple have for a year the to now

call, today’s Phase AdCOVID most data anticipate to X on from top-line data X likely with want We read program of AdCOVID from out our the focus month, first. to For programs we of promising and these candidates, each next reporting product ALT-XXX.

achievements we vaccine they our proud intranasal relate are pioneers development, As of program. to AdCOVID in as our especially

As important the or effort. an we currently available become are global could authorized intranasal an vaccine authorized AdCOVID intramuscular therefore, approved, if with candidate, AdCOVID not And believe that tool features unique strongly vaccination attributes COVID-XX for vaccines. that

awareness and growing in for reason. pandemic With good interest and the vaccine there continuing, global alternative widespread is approaches,

demonstrated around hesitancy currently to first worldwide continues generation availability excellent Although vaccines have disparity and in authorized a efficacy, vaccine increasing be options. considerable there

administer, vaccine emphasize of potentially vaccine our maintaining for for excellent self-administer. the with high experience influenza easier critical Based to the attributes we want a NasoVAX, will AdCOVID extremely believe well I key to uptake. tolerated tolerability, for is even candidate, One of which AdCOVID potential and on be is degree

and In from fact, platform our pre-clinical indistinguishable with clinical profile vaccine technology have shown studies virtually tolerability a placebo.

our vaccine this candidate. encouraged very about are So of we attribute

effort the for booster vaccine we countries which current a in development a are for be to June. the authorization, that acceptance pediatric believe on revaccination, anticipate and to ease such profile. we AdCOVID based about stability in its and optimistic a COVID-XX finding coverage quickly many we as including has announce AdCOVID populations Phase and cautiously important trial If use administration the to wide Pending population of offer X as concerns of expect upcoming and its intranasal is positive, pediatric Accordingly, and for vaccine, clinical primary Scott well data the plan vaccination global an in and will detail campaigns. as single-dose developing immunization against maternal a Phase special expected momentarily. review Harris transition in program, this variants address of we tolerated in of potential of into thermostable, are which As results excited expected needle-free to and our option readout, the more shortcomings we X

are readiness. in manufacturing our We X parallel with development Phase our taken And the steps success. of planning have we program, to ensure for

a be we will which for During vaccine ability global suite quarter, the commercial on supplying dedicated we supply. the of supply our with AdCOVID, future production announced our of hindrance to capable trials include for the a been have potential want AdCOVID Manufacturing construction agreement Lonza a scale commercial to use. And late-stage COVID-XX product clinical manufacturing to and authorized efforts. expansion help significant for if constraints in ensure our of

authorized may U.S. the studies of anticipated our authorized the track quickly the comparable important From the forward, to subjects X than growing in events the trial in program reduce is immunogenicity the each It’s amended our of attributes. and appeal thereafter. key course for commencing meaningful. now that Phase Consequently, very controlled vaccines, vaccine. of and and suggests am I and we the the recruiting development have vaccine anticipated amended there is XX as protocol developments more be candidate to the prepare adaptable Despite from that opinion Phase to the we of top-line support have this to in about report enrollment context, public administration route potential of we the the availability nasal dictate. the more strong. the widely Should of environment, in announce an placebo in note AdCOVID victory X anticipate vaccine we for alter study X as And numbers need the to of participants vaccine anticipated AdCOVID differentiated we’ll make available. subjects offer in clinical trial to or Feedback landscape. the public amended important. transmission Therefore, of to leaders block we have potential and study adults. pleased our of health in individual, that in robust And the as study are the AdCOVID currently data become of vaccination that and number challenges to met proposed this vaccine to vaccines exceptionally is on moving In COVID-XX size target tolerability and are June. an AdCOVID clinical data global Phase significant the Phase sufficient X be our to demonstrate optimistic space effort. future difference tolerability is may a like recast approximately operating our are our to intranasal still a AdCOVID authorized unique also setback to opportunity remains perspective, a We the vaccine new dynamic and candidate our the

for the over Roberts, go model the generated program, that SARS-CoV-X challenge our our are this Officer, Scientific at take please model. of exciting partners research. Harris robust collaboration clinical the COVID-XX one an would data presentation I new particularly to update considered is we by animal some The provides models in like UAB. on best encouraged to Scott Scot, you we Chief with of to new pre-clinical recently data Before be through we that discussing the turn ahead. Scot have And will in the

Scot Roberts

and Thank you, everyone. good Vipin, morning,

trial, through we collaborators vaccine with and candidate preclinical of to Saint the our University. continue studies progressing at While our is Birmingham, conduct AdCOVID Alabama, first-in-human University Louis our

I shortly, study a reduction results of reporting shared will from dose of efficacy the results signs would of other provide clinical with exciting on infection additional intranasal that today, studies AdCOVID. been today, vaccinated to evaluating ability with virus from against concern. protected a The But X lungs in presenting the have challenge to the single mice. like results previously preclinical activity you, in variants we resulted We showing the than of and the studies build study X,XXX-fold have important we provide to that emerging of studies greater AdCOVID, mice on the insights are of cross-protection AdCOVID you of including completely preclinical of share be preclinical data into at SARS-CoV-X

graphically you refer If you that will X, see these presented. Slide results are to

is used in model lungs. our viral Human to of very like of very One high transgenic the we a I and would with the it the mouse for ACEX model have replication emphasize viral points infection stringent is controlling replication new levels RNA analysis, vaccination In about infected the effect resulted of in left slide show this we of of of SARS-CoV-X. the AdCOVID vaccination profound middle that mice the in evaluated infectious with and amount with portions lungs the virus The reductions on viral AdCOVID. from that

resulted emphasize unvaccinated of you virus lungs Whereas vaccination were these XXX,XXX challenged As that with here is the results animals dose It lungs from virus obtained infection. right a that inability the to the X to units log hand on X graph, control following of greater single than in nearly important portion the the infectious AdCOVID. mice. days of AdCOVID recovered intranasal recover plaque-forming post see is can from of an were of

in and for the as block of have high about direct COVID-XX, excited are may the to more protection vaccinated provide AdCOVID viral face We of in AdCOVID such immunity relevance provide importantly, to from it transmission. mice sterilizing ability of replication, levels

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is is this may evaluation clinical entire On be advancing to result the turn of other believe you later which to a prepare targeting efforts. a year. for differentiated from targeted over spike antibodies development, spike Scott those that emerging cross-reacting we we includes will can in not the note, induce vaccines. response AdCOVID we now shortly. antibody that receptor immune earlier, relevant focus able response other binding to protein. of or concern. our on this, antibodies Harris that response mentioned discuss RBD that of most Scott? with that AdCOVID protein, I including the variants portion of of neutralizing are by look that clinical studies immune the another reporting presentation study of Recall sharing authorized preclinical to viral on as We the the are AdCOVID we response that in the either vaccines, to by will differentiated spike I several to the ability all we of a forward are vaccines, PX, results to vaccine protein nearly We domain related As present way variants or the important AdCOVID COVID-XX are doing of the the the neutralize specifically in

Scott Harris

Thank you, Scot.

by clinical are encouraged in made the X plans our a program. we comprehensive We trial Phase our X for development AdCOVID and progress have Phase global

Slide clinical brief X with of review anticipate X call outcomes the phase begin our design earnings refer the June. we to in deck. Please a me reporting and of Let

of Phase As amended in X noted, authorized protocol to due vaccines. U.S. the our of Vipin a AdCOVID in availability placebo-controlled result as challenges recruitment widespread of we studies the the

X X our X to in adjusted this dose in X indicator to readouts and X thereafter. an cell apart or will or XX June, groups. to as IgA second first approximately anti-spike administered approximately and AdCOVID Immunogenicity days anti-spike responses have weeks X neutralizing are immunogenicity, subjects, antibodies, of expected Top-line measured of the doses. on results IgG, readouts expected follow randomized mucosal include to antibody with study We enrollment receive placebo X doses XX after to in T

establish size and than the similar sufficient the the trial COVID-XX the a tolerability vaccines and to noted, clear to profile of authorized X Phase demonstrate is of AdCOVID. vaccine the Vipin studies As more effect of

Moving in Slide robust X Phase trials on, we developed shown our which a of anticipated clinical is slate product target AdCOVID to X. have support profile,

to good As ascending the access, product Phase meant revaccination previously you with and children evaluate AdCOVID response planned will profile the XX can established is X to can our variant Switching parental To by target breastfeeding see in studies from immune study elements immunization age, children a whether in support believe boost study pregnant safe breastfeeding clinical anticipate X a to plan this study now is the to country pregnant slide, next vaccine women gears of directly differentiated ALT-XXX use in we we trial of month. TPP. vaccines multiple we with trial top-line doses doses viruses our X for in clinical immunity confirm safety key ALT-XXX, the single and wild-type de-escalation maternal ascending or the are will to unvaccinated and be in At and ascending data and multiple natural demonstrate variant single dose conduct in our wild-type that individuals individuals AdCOVID To plan X as of countries. young our to conduct individuals, such age-based confirm subjects. ALT-XXX previously and the AdCOVID previously X obese infected enrollment immune in immunogenic ability be AdCOVID conduct boost vaccinated access finally, of AdCOVID and with a Phase of confirm an belief and to XX planned a Slide the responses plan variant we years the and the we’ve to will X vaccine. adolescents. of to of AdCOVID the the we Phase that And that women. in moving and also viruses, down U.S. overweight well evaluating and conducting study time, the phase trial. cohorts this To in will in but and ascending completed to to dose vaccinated provide parental in mucosal low This of tolerated and study COVID-XX weeks, naive

from of Looking the NASH transition data Phase reporting to XX-week If a positive, this we ahead, in XXXX. early are we trial in XX-week to plan anticipate X quarter third trial XXXX. the data biopsy-based patients in

of a We the filing the half anticipate to But study NASH to study. year also an States. more in may ALT-XXX be initiate the separate second there IND in the United

drugs. by Lilly that programs now ineffective have Novo As the and Nordisk de-risked unsafe and executed noted space Slide XX, have on Phase X occupied previously obesity successful

the the the could However, become side translated it a GI for to Will, intolerability weight an has X filing I discontinuation. obesity data best-in-class decision evaluated, are ALT-XXX with setting, clinical is treatment IND heel in quarter this financial impressive Will? Achilles preclinical to to treatment multi-billion-dollar been update readout. to first and upcoming with GLP-X If to based the for the being loss based safety of over on results. our treatments, Phase leading studies final effects in The ALT-XXX give now will indication. turn an of

Will Brown

everyone. and you, morning, Thank Scott, good

comprehensive approximately to current primarily a and sheet, providing XX-Q utilization of today. the approximately be activities. I robust can million net as investments of SEC today’s our a the in net partially period ended XXXX. short-term offering for in program, attributable used ATM brief million or during results. found is cash our cash the the $XX.X to our quarter For will filed first with information the call, update $XXX compared including financial of by million quarter operating $XXX during receipts at due to with XXXX our totaling quarter, million $XX cash first More The balance increase Altimmune end at-the-market offset the of on be

we to value-generating solidly additional cash receipts, candidates inflection and our these pipeline XXXX in beyond. capitalized With through points advance potentially remain

first to quarter, quarter million in primarily or was $X.XX XXXX in $XXX,XXX and clinical was or loss for quarter development in net in BARDA per general a of related administrative in first primarily compared higher connection ALT-XXX. difference and over additional expenses. million $X.X $X.X is in were The comp development programs, due COVID million period, his quarter of G&A by XXXX $X.X compared acquisition back costs. activities due I T-COVID loss of liability consideration will in to share, Vipin? of between Net $X.X months in first loss an loss turn the was $X.X XXXX The revenue million trials it decrease expenses $XX.X due first of to to were to the $X.X $X.X share XXXX. million stock $X primarily March charges quarter million the remarks. million. a $X.XX decrease partially of the in with million in by XXXX. development the The labor-related in closing million to first Vipin the the our for net XX, per compared ended of for expense $XXX,XXX, to increased the research and attributable revenue for primarily the now of net contingent to X offset the to and prior change approximately attributable million activities income compared increase $X.X is revenue which in offset periods to program. to first timing an Turning revenue which statement, related the change of of the in represents the for NasoShield, million the R&D partially $XX XXXX, result the of expenses quarter of to to increase is

Vipin Garg

and Thank me your to replay, Harris, interest Will and joining you, the those for on today call in Scot or the today and thank support And of sharing you listening Roberts for and continued perspective. Scott our you programs. your

have important goal promising We this and on shots year. several

with the from have stockholders advance. create for both eagerly the we to heard, the strategy readouts and clinical laid in the programs development programs. instruct believe on please sharing my are and both top-line we AdCOVID our data either or of confident to look if you the remarks. candidates, the you progress audience AdCOVID formal out, and value development We question-and-answer data our to As Operator, initial opportunity tremendous further Could continuous the have ALT-XXX that I’m ALT-XXX awaiting our forward concludes you. procedure? there’s and


Thank proceed you. Please Seamus of [Operator with Instructions] the Our first with comes Fernandez question from your question. Partners. Guggenheim line

Seamus Fernandez

Oh, the for Thanks great. question.

dataset? to additional required of see and expanded And that? Phase in then, data will agreed the us So to very and questions. sense in in the of the on down just possible, the just reducing is it the Phase was from of number clinical questions to better that a And then, with this that not size FDA able give I X the XXX patients ask borne perhaps be, upcoming you that in the your for the upon just I has of may, coagulation, just of in wanted that possibility reasons clinical program, confidence regard and study? just X? pre-clinically? terms can terms issues wanted Is you change the know first challenging disprove to with just with XX, obviously a your from few if any then, that being approached And X out AdCOVID to team here, agency the full and safety the get And but that perspective. in

able with move what’s neutralizing the are single believe think about forward we dose to IgG the data conviction studies, is – you move you clinical that be that forward Phase necessary for the threshold antibodies AdCOVID? of anticipating with X to Thanks. in As neutralizing to a

Vipin Garg

what we conquer. do is can Yeah, and good morning, divide Maybe Seamus.

third and want of part the come do for So, the question, it and the you part turn then first Roberts, back Harris Scott to take Scot question? to the over of perhaps

Scot Roberts

thanks and happy to, Sure, questions. good for and the morning, Seamus,

of the may FDA communication is the demonstrate no And say, while be on no, likely about to with this clearly there able one there we exposure that. the to TTS, does the studies, systemic So was is has seem the components no where questions and I been effects respect have were toxicology that are dissemination more GLP the catalytic and The delivery. to FDA thing would vector answers following than effect, and vector our not, mechanism of about aware of PFX. there more intranasal of that the systemic that vector

So in in we’re absence the of I stead. that, think good

the to want rarity on Scott, would said, As trying handle communication given FDA do the but especially and question? very be prove that there informal difficult, no the you a ahead go this, negative you formal to clinical of or point. And, from

Scott Harris

over Scot, for Right and then you, I’ll the back turn to it final question.

the So, study. of Seamus, The lot the of confidence of X of U.S. clearly authorized we are readouts the studies size the the a vaccines. have comparable in Phase size to

answer I that confidence And, specific the our of us want based would the I’ve and also the gives of view readouts agency, had do mentioned. studies. indication to Scot, to this question? what especially third on unacceptable we’ve you be additional in that just prior no think

Scot Roberts

in our as assays single the forward, order dose vaccine. continue will to related to the And begin for especially expectations, from and they’re expectations question because that of done. antibody with, And that Sure. the way the neutralizing in refrain variability still to the Altimmune numerical a program

that titer, to so think as a productive road. And go far that down it’s as I don’t

the with that with I sera. are convalescence relationship people there. of up comfortable variant components convalescence may to the that And, characterized and course, the to most sera need be made think understood

expect be of convalescence the certainly we in range sera. to So

vaccines, we’ve I be have astonishing that of from what would far antibody consider antibody been the titers. levels to from neutralizing role really of neutralizing I is the surprisingly learned think really And we’ve that low have that that learned protection. inactivated associated so one studies the are which things conducted primarily that with

the table T when we us. especially that other immunity about we about that, for feel is with response immunogenicity think and think when We mucosal we are on bringing responses. par convalescence the a so, antibody that the cell is to neutralizing And the sera homerun strong

Seamus Fernandez

Appreciate guys. Thanks, it. Great.


Thank you.

comes of question. Yasmeen your question next Piper Please Our line Rahimi Sandler. with from with the proceed

Yasmeen Rahimi

you of timelines June, have great be is them on both data, clients Thank I’ll question be go to of dual granularly, what would you that? a I we team. maybe updates. in That whether first I can comment for that the the many that? the X, June data Phase can number one comment extent top you of minds seeing would the of you the third questions. highlight should or Maybe really us what also and the June June this of you for Hi, shot is would X, single and think question that beyond if on? size the expecting on just you just ask helpful. the then one. speak in fine-tune for on steps we And the be important for with is, it a more that are really Can early the And – mid-June around our little if Phase is be just given, could help one? when or you by bit

Vipin Garg

to want you do Harris, Scott the first question? take Absolutely.

Scott Harris

we that in in when will June. June Yes, And announcing right the thank data double are have timeframe. for Well, confident we June, the be Yasmeen, haven’t now, provided we will your the on will we single in that occur doses you specifics exactly and questions. both and

there profile. Regarding they Phase program the studies and in as sizes, the different future have support of you can target are because robust is Obviously, build X a different studies the see, programs, that product list will objectives. these

So have program multitude X Phase that, Phase be to compare Phase will X studies the there are of studies. we a against. in many But all, X large. different And

of that would the readout toward program the and Phase X executed year. an between the be will end it’s So in is approximation, I and large, say, June the

Yasmeen Rahimi

of if and on follow-up Phase I color. whether question. a whether the Maybe there a in have future could the same We for needed vaccine would placebo that X, are geography depending orthogonal Phase number you Thank just a be quite understand on X, approaches. debates

So could then, if discussions, comment you types have on regulators be NASH I could helpful. maybe of And on, that question. those stand where just X

Scott Harris

it’s paradigm of we Great. do the of variant Well, That in there increasingly to do latitude revaccination, the will authorized some to placebo and for one to U.S., controlled would sponsor availability vaccines Clearly, change trial. as a move difficult be been as goes vaccines because the any where that. the the opportunities X in control placebo very at of has low to a the populations, least moving many some And strategy unvaccinated vaccine where there the of around be the acceptable. world, are of of study that Phase country. one to would been studies basis programs, a the access

Yasmeen Rahimi

Thanks, Scott.

Scott Harris


Yasmeen Rahimi

go sorry. ahead, Yeah,

Scott Harris

placebo studies agency. quite more of the placebo the very have about question is interested requirements control. controlled announced the robust. But Clearly, than controlled not comparator specific studies been regulators been so more FDA the that are have would specific say the not I that in by

Yasmeen Rahimi

to for the you, Thank obesity an relation IND question this Scott. the in to for indication. another announcement Maybe file you is

then the half, second is could could and for if this behind how obesity the very to maybe for the why and regulatory NASH, be thoughts you focus us versus that us. highlight helpful that the Just path different a is or

Scott Harris

surrogate acceptability uncertainty, endpoints move NASH, somewhat Novo much but been when more space in were And of you you XXXX, see, to in programs since the programs like there’s about time, Yasmeen. know, the this confidence quite Nordisk announced the in the as Well, more obesity and ahead. our for different. Thanks can question, and Lilly program NASH regulatory the as we Right. in

had previously with tolerability efficacy, have robust the in lots this concerning tolerability that. better, know, if a and the not our in speak obesity with based prospect that We ineffective we we’ll hurdle. believe think near X of both preclinical the obviously, you And achieve really in even we study but based in compounds on can very space. And that better can GLP-X our faith unsafe that low studies, not we And As weight with future, We we dose and discontinuations. think to of now of with on needing excellent, our prospect results. titration. that’s we approvals drugs beat loss

So if because that on and and with a for NASH of behooves us it patients take more drug billion than only not are And obesity remember obese. XX% and have more indications. XX%, than – NASH NASH we obesity to were both, $X not, both

naturally an NASH, and NASH So also people you get just you’re NAFLD. capturing treating the who not consequently, of entire you’re do indication but space, of obesity, if obesity and most the have

So we’re based file and much to our data decision to readouts consequently, it’s that will amount Phase the program X that in on that It’s and and an going driven. we IND development of considering. opportunity strongly the see be our weight loss study, be

Vipin Garg

deemphasizing We partners. opportunity and a parallel know that to is will in we to talk well. Yeah, just as Yas, to drug clear talk us what add, not you wants obesity that there as KOLs. potential obesity. here obesity looks a have go about We became I think It we’re very strategic NASH. just Everybody and that like to for

by in in shows then clearly sense it And similar obesity weight with it Nash. and to our preclinical makes that. data trials, all became with if loss means So clear see proceed we our parallel human

Yasmeen Rahimi

Thank you, team, our questions. taking for


you. Thank

next Our Kelechi Jefferies. with proceed with your question. question of Chikere from comes Please line

Kelechi Chikere

all the and over made morning, the on congrats progress you’ve quarter. good Yes,

questions me few here. a from Just

I that antibody that your titers anticipate And, on would that? neutralizing little was mostly your a sera details more you’ll to you thoughts bit is or think there generate can think I you Any – it for just generate dataset can with need individuals it guess, a you Thank around you data? details convalescent be immunogenicity and that see to own serum. you something the provide there on you a Is par I’m I’m you. Is efficacy earlier, Is another mildly can a needing hoping guess, latest around Any comparator data? to little just color filing. would on provide to like be from that would related color regulatory you helpful. more do support partner greatly appreciated. bit just convalescent I mentioned hospitalized patients? And, hoping You question asked affected serum. also

Vipin Garg

Scot thank – want take – to Kelechi, do the you Roberts question? you, Scot sorry. Chikere Roberts, first

Scot Roberts

providing can data point at I be at we the so be composition and the is data, say release description convalescent time. those sera, that that as of interpreted All we’ll this the can Sure.

Kelechi Chikere


Scott Harris

the Kelechi, this Scott. second for Thank is you question.

As you rapidly changing. is landscape know, the

I the approval X,XXX or do of database is based but come the think regulators a do accept get trial. authorization we protection an size could antibodies, authorization based is correlative an there is protection that neutralizing consensus safety is approximately may of a type readout. the much protection, accept immunogenicity have much you the If outcomes of as regulators But the subjects. the it’s with trials, outcomes immunogenicity, trials obligation And to the It’s or correlative if on only being larger later trial. a that. on doing to correlative that probably approval And the obligation know, scientific smaller. of for

could And rapidly much the we we larger are. magnitude. the A because flexible something trial. trial with clearly, partner do remain So is changing. doing is of of a of we the anticipate landscape expense to need And would trial we a and that

Vipin Garg

Yeah funding, and, advancing discussions. development and of to regards those to think add in to that future data, with the data going just is multiple our talk we We to be critical Phase sources. X Kelechi, quality continue that

to It’s that going we continue sources soon. do X are funding the that. in data develop our well potential with as of So really corporate data expecting partners, driven, with the we to Phase both, we’ll here are vaccine. mainly as be government to discussions And

Kelechi Chikere

you. Thank


Thank you.

your comes line Our Wolleben proceed JMP Jon from question. Securities. with question of with Please next

Jonathan Wolleben

thanks question. the taking good and morning, Hey, for

it indication, change weight, tolerability interesting more ALT-XXX do the NASH on What then move would could you and make follow-up in in compel on obesity hoping you guess, I forward want was the you’d GI of kind body moving with want indication? little adding a see give us on the to you context just to see, versus magnitude a differentiate forward I to with Just to obesity? profile? and what of in to What also

Vipin Garg

Harris? Scott

Scott Harris

Jonathon, the Yeah, question. thank for you

that opinions, an who this refer is of in greater question? second Pablo anything what been Could do success. part be these or relate would me you Juan on than rather refresh and to a at and bring So stated X% space. stated, please he publicly Frias, thinks expert I weeks he’s outside And have in your is X the

Jonathan Wolleben

decision to, to there this trying is Or of NASH on? say same when question in you’re are adding my when worthwhile is decision just understand, time, making is that the at So in to on what do difference or going a moving data, of between be we obesity? do this obesity? you to going before in magnitude Just obesity, later kind you see forward need

Scott Harris

weight Well, NASH. loss beneficial going NASH have successful weight most anticipating decision, it’s kind convey if all we’re we’re we because think that effects really NASH. to the loss potent that mechanism same And of because to of a to treating the loss is drug, get that weight going are for we the

be be the both that both would So programs. same we decision on, to the believe would point on say, –

Jonathan Wolleben

helpful. you. That’s Thank


you. Thank

comes question with question. from next Bayko proceed your Evercore Liisa line Our Please with ISI. of

Liisa Bayko

Hi, good looking mice. X, where and discussing I’m taking at for the just sterilizing immunity question. the thanks Slide in morning, you’re

actually you the – is what’s can And and how of think And and you those what so, actually talk difference between maybe virus? infectious immunity the little about sterilizing sterilizing? versus RNA replicating of between in viral differences a do is bit the the what the definition

Vipin Garg

Scot Roberts.

Scot Roberts

answer. to Happy Sure.

sterilizing. with start let’s So

that the found. could in definition virus infectious means the be consensus lungs and what to virus think be The that to virus. spread. would infectious host the no a we of replicate I inability of And no that in demonstrated also that’s

dose equal looked to bit more which we the an replication encapsulated necessarily SARS-CoV-X The the of virus. reasons dose, virus a that infectious not RNA, is animals was that total the both Now, in a for that when the And all that are happen occurs; RNA, our RNA and neutralization infectious that includes RNA the not with the challenge to at represents certainly unit. But the present. later. importantly, being given it’s little numbers. any the of input may But virus particle representative that is

RNA. got You’ve release the cells live that

a signal be for may those that with neutralized of may not associated is example. particles virus And antibody, then virus may RNA particles. lot by not So may or mucosal there be or

the that’s on the replicating disconnect virus, detectable infectious So can will replicating that that X and the had know you the RNA slide, virus. if But the RNA the that between I you either. of at no animals see infectious, look

the we are to virus and really the that the virus cannot of we down find of infectious animals. a the very, present to replicate, ability so, lungs assay in driving those extent sensitive And very any in

Liisa Bayko

amount you you’d that that amount real guess, Okay, if then, to that’s exposing, to you’re what just consistent to, you’re trying helpful. Thank the – of I’m exposing relates the is I mean, animal the see you. understand virus And I came world. how with

If you could…

Scot Roberts

higher, Probably probably higher. much

Liisa Bayko

okay. So high really level,

Scot Roberts


Liisa Bayko

okay. Okay,

Scot Roberts

Yeah, lot certainly yeah, that. a that. – the from much but units. somebody’s typically higher. infectious XX,XXX we’re more you’re and varies use that’s of I something That’s range that’s That around the using how what sneeze around probably like mean, getting in studies here. challenge experiment, typically And or than by the

Liisa Bayko

still of think kind Okay, to next helpful. the are what’s going you. always the or full vaccines are use you cards? is Thank with about how EUA. hard think as regulatory you on, terms of think authorization? thinking we that of vaccines, strategy? and is that it Sorry, of available And going very to to say something is you availability in generation pandemic, Is the be the So you sort where in about of approval our then, emergency

Vipin Garg

to Harris, take want Scott you that?

Scott Harris

only and the authorization months. right we’re there to that the U.S., be seeing need, now, amount But but the major is amount come more Pfizer out vaccine prospects that months, the that as multitude is to that follow-up as the Hey, with approval. We’ll with Liisa. a is you would of is fairly the strategy It’s differences would or of There And to especially It’s basically for X that need than even are obviously, safety filed up Typically, it’s approval take it’s the clear in And between X every which approval. difference the play we probably agency. of a data time. being keep likely, the pace the with authorizations FDA authorization continue variants that’s see. vaccines But will issue emerging for a out. day. have.

Liisa Bayko

variants? question. are I well, my sort that’s last and as as thinking about And you. you’re you Okay, thinking then, variants about how versus wild-type X Phase the Thank of, guess,

Scott Harris


have of of previously in revaccination but talk for that deeply or end variant a the study year. We let into this have study more vaccines. study I’ll that will manufacturing we And individual. process the infected vaccine are be Scot that, in towards will

entire out built we So the program. variant

We’re manufacturing the vaccine.

available. studies that study it have our along a will with go And will X have the We put X we it presented. into slides in other to as Phase outlined been Phase

Scot Roberts

ahead go and on can my I that. add perspective

is fundamentally table, could directed the the that to of effective variants from approach vaccines indicated scenarios, in the vaccine, example. against call, ability interesting stems RBD. AdCOVID to that the fact can which from for were very prototype our antibody concern. bring as we’re is And the majority imagine very I in way new where different keenly Wuhan the we that repertoire think in a to on X of focused interested I neutralize that of the And isolate,

that that. something context assume be different disease, And for might clear that, opportunity one. enhancement But And may that. case. that’s we can’t prototypic how that So are to mildly resting to variant level, There really see. we using ones different, a the or the a on the it has out – we’re continue mildly We right like example, can’t neutralized of of no be we’d are to assume really variants or not certainly come the different is in strain, any serotype might and now, compared very need to an they’re it there that have understand that the to different on characterizes going that parental longer along. that’s –

And so, important. of to to a variant still importance being the match vaccine vitally able the is

as when behaving that to be the as necessary show of a conduct studies really the immunogenicity. what will Scott in we a is departure And that from prototypic for for strain the we’re required responding is way clinical are the a might circulating. make that variant variant, the prepared We’re And the pave that everything time same, going that. indicated, real to safety, for

involving matched variant the one here. we’ve to hand. where is for vaccine, and you the So the sufficient, that on the variant possibility One, prototypic got X that execute, where and then I do clearly able engaged protection, the at have provides plays think we’re

Liisa Bayko



you. Thank

Yuan from line with comes Our of next Please question. Zhi question proceed ‎B. your Securities. with Riley

Yuan Zhi

Hi, Yuan our taking Mayank. is for Thank you for this questions.

you. EUA vaccines now provide appreciating And that or mandates? you and are on the platform to T-COVID availability remains your can the Thank you conducting do where approved use from we study you society that And can transmissions? the you updates about easing of of study some the think a in preclinical And be needs as that program? on experience? are residue any some also, widespread updates rodent learnings provide to is addressed, considering mask So unmet there

Vipin Garg

first? Scot Roberts, do want you go to

Scot Roberts


clear having an the effect and clear be. an the could transmission improved to So looking effect something Despite having ability transmission. as block is that’s I showing with are ongoing, at In on important to data it that the that And much that AdCOVID. to it’s effectively, an aspect AdCOVID in effectively, a vaccine. is on we’re I context, those as very block clear think are of greater that transmissibility, ability say all forward not to authorized the likely want respect those the generation to transmission you’d vaccines shedding second still study, that should effect studies indications strong that of and and the most

in indicate, program. ability now that we even think there, the EUA relevant situation we Scott and in I’ll as AdCOVID to tolerability it talk still masks-off you the vaccines And of the And and best-in-class just They to about with as we is the improve Harris potential we’re learning the when T-COVID that context was. about find transmission. see let the then block as ourselves now, ever advantages. better what or So for

Scott Harris

as it’s impacted question. for T-COVID you Obviously, of had difficulty these we’ve the to trying one thank and your learnings studies. is And well. that the obviously Yes of the study conduct

to We’re continuing enroll.

the We’re scheduled on assess the readout, continuing inform dynamics, if And the our there’s investors. quarter which that still we’ll change June. second shifting based in in to any is to

Yuan Zhi

That’s you. super Thank helpful.


you. Thank concludes turn comments. I’ll any Ladies floor session. question-and-answer our back to Dr. gentlemen, and that for final the Garg

Vipin Garg

much today. call. very participating joining Have the quarterly call for you’ll Thank us day. on our earnings and you a We on nice next us hope join


today’s conference. concludes This you. Thank

may You your at disconnect Thank your lines participation. this for time. you