NVAX - Earnings call transcript Q2 2020

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Novavax Second Quarter 2020 Financial Operating Results Conference Call. [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, Operator. Good afternoon and thank you to everyone who has joined today's call to discuss our second quarter 2020 operational highlights and financial results. our our and currently this an will available announcing website on conference release be novavax.com today. at audio on press results available is our call A later website archive of

will website. post on slides today’s from We call also our the

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

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

Stan Erck

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

we're a call today's to keep data, short. going last the As clinical we week Phase call detail X XXXX to hosted

the highlights level on up the will then of vaccine financials questions. and of and In come of provide over an some wrap data. X updates, to quarter. will our then in achievements Greg back the for high Phase of additional the We'll I'll a COVID-XX I'll the with rest numerous go a agenda, update review the then terms quarter. take start for your the pipeline. quick John to provide review

slide move slide XXXX. progress the significant to Let's three. This made illustrates for we've

million. As We last a $XX funding also Speed, given mentioned, engaged demonstrated vaccine for I in testing back we've Xtrial which $XXX for has with the XXXX last U.S. signed call, leading to April, million $X.X high in Department to thrilled of billion And we preclinical various participate Phase since manufacturer the U.S. just operation develop $X leading XXXX animal to be the able of the us our we to of separate selected to Defense and a vaccine. immunogenicity program. week. then, government for we clinical for with our Simultaneously, contract in our approximately identified funding as on discussed late candidate Warp models, was May, data global released after organizations then start the billion team in to

and partnerships of the since in network commercialization significant made and established building beginning So important of access we quarter, and sharing XXXX. the a over I for Recently, XXXX global company have of key partners. pull the a for progress initiated we global the priority is of development

capacity expect an commercialization Takeda believe manufacturing million annual for pharmaceuticals Takeda’s we've we and partner XXX our for in us, over given and development, Japan, doses partnered Japan, they an with of of ideal For they're presence vaccine.

a from milestones, portion We as of the well to payments proceeds will development for commercial entitled receive vaccine. be the as and

income countries partnered development commercialization low and with the of and India. Serum XXXX for in India also the middle We of Institute and

the is access largest Serum doses For world's these them in those ensure so with manufacturer geographies. delighted not in vaccine to partner delivered, global to of terms are we're aware that

starting Novavax’s future on support We of the agreement billion including Carolina split vaccine. and acquisition signed to FUJIFILM production sale a capable antigen arrangements expertise a for from in now with in internal This capacity is manufacturing XXXX. the vaccines a global X great widespread on high large facility. our X Carolina to biologic of trial, annual I facility, Group PolyPeptide doses CZ retains and use employees Novavax Czech X to XXXX. revenue into access products includes expect complement manufacturing both cost significant manufacturing that expertise from we the the To with AGC Serum to manufacturing in countries. major, for associated middle of ability them. produce XXXX of that minimum we in strength additionally, billion confident the and doses a vaccine the U.S. over facility and at our EZ, North partners, of starting with transaction in our of adjuvant July, began pivotal large the upper in is to It for approximately And our during of our annually also Matrix-M efforts at income and scale for scale will global Republic. in facility we late of in North of want Texas alone Biotechnologies’ the Novavax second ensure Diosynth and Biologics highlight Phase in entered scale we're an Europe. their In Based production Vaccines, January Novavax the rights have quarter. and know our facilities providing with assets, manufacturing XXX Praha important This

able add expertise. in David to quarter, is and David of Mott established be board benefit board the to happy and to directors. from we member our pleased second Finally, his were to an we're leader, investor,

Greg or we call last review new We management also that several promoted quickly to week. a best-in-class X turn I'll hires Greg. strengthening over data of senior number now made reported our and people, key Phase team. the XXXX

Gregory Glenn

Dan. Thanks,

detailed week, a give the high data last going to gave a we review level just of today. overview I'm As

a XXXX is adjuvant. the a see is, product slide and what that Matrix‑M that cell on is So, of technology insect five, you platform the uses can

we has a nanoparticle spike to virus potent a which clinical able experience. which a full-length manufacture this a the SARS-CoV-X, a for the have that from such deal this which as into sequence great protein So is protein are sequence take Matrix-M from of and with combine Adjuvant, we

[Indiscernible] This reactogenicity, immunoglobulin and The safety, So and protein slide IgG without trial, on safety outcomes humans. evaluate the to study of Matrix-M or objectives. Agilent. G slide vaccine with assessments, the were immunogenicity phase let's the six. or turn lab protein in primary shows the nanoparticle The Novavax-CoVXXXX anti-spike will the trial response

Secondly, events, outcomes included and adverse secondary type T-cell responses. neutralizing antibodies wild

give we’ll the randomized, placebo-controlled on was trial So some details safety observer-blinded, on of design. was designed and Novavax-CoVXXXX. and a immunogenicity slide It the to seven, evaluate

the XX compared red Group of five at you Matrix-M. antigen, we in to the that see with micrograms doses And so Our placebo. trial, of and focus can that C micrograms our or D, is zero XX. box, We day on was twice either the and in had two given

at XX. with to it to our have Group-B We compare placebo day the which adjuvant and followed we by also the Group-E, Matrix-M had not which given once, adjuvant did compare

the eight, doses The of did week. detail see independent demonstrated the here. to But of response, overall, again, high induced IgG. about we dependent deal a comparable slide So we on great summarize and response, And this go let's highlights we dose sorry, conclusions a both last here. dose data just levels provide levels

of favorably response levels showed those the There seroconversion Baylor compared College quite effect. required to dose a a obtained IgG rate. convalescent immune in note trial Adjuvant clear. The is So, XXX% and was we Medicine an which optimal we the serum that from the for IgG seen

Sera levels numerically adjuvant saw the the an With trial. saw second seroconversion IgG and comparable again Convalescent a high the wild-type the antibodies. superior they with was neutralization tightly rates the type important XXX% overall, dose, this response two wild-type to in neutralization both demonstration after wild dose was So, effect wide We to response. appear we dosage what neutralizing correlated to be respect induced in neutralizing in antibodies, findings groups,

saw ThX We for that dose mild We induced did adverse and local CDX Phase events were trial safety X also way and that pulmonary had All serious adverse looked were the the not saw or reassuring in and no reactogenicity profile. was a we Overall, we a T-cells T-cells phenotype. unsolicited demonstrate limiting. favored moderate polyfunctional reactogenicity the events. systemic,

the previously, briefly the immunogenicity. We IgG So at let's this is the the but just of highlights next anti-spike slide talk covered some to the for look ELISA. this of

the that on see on can You scale. the log it’s Y-axis,

XX given the row that can The are represent placebos. who with zero next XX a zero has next XX XX Adjuvant. placebo. a dose on dose XX, zero XX five microgram followed without the dose the and has The day the length, day the subjects and microgram then given You the given far the by human adjuvant sera. micrograms micrograms day convalescence once And day see Matrix-M row XX

B, clearly was say can D, of the between in the Adjuvant you You compared profound. the difference see where antigen the Group Groups had doses one can they effect to the two see where equivalent dose,

a see You achieving great levels anti-spike the of very there second high also is benefit that can in dose, IgG.

compares have was Eliza a of second far there on and with basis mean XX,XXX titer to convalescent the X,XXX. a a that for geometric titer see right can Group the some have we You sera on the on the the where we and C, details dose a the

Go this The convalescent overall robust response. sera was slide. approximately than to and So higher fold mean the next a robust the geometric responses. seven

type a the neutralization. did messages, this the is the that And you're of very dose meet of with our Baylor way, trial. Maryland College and reference subjects that geometric Here Medicine. is is through tiered This discuss note I importance the to same organized sera in you favorably convalescent collaboration convalescence, extensively think at we done the group seeing the are based again, an vaccine see outcome. the the is sticker vaccine can of wild the fairly of in excess in and of again based Medicine. that importance show severity adjuvant, there of with School similar sera of We And group on second this, very on graph response compares from of University

correlation. the a So, tight as this we correlation it between micro, and the was very in the mentioned this, IgG results,

CDX we've saw results virus. in T-cell a it that a But what into with as ThX cell in that won't T-cell going response, to seen see we was a previous phenotype response, here. has polyfunctional our pre-clinical expand robust memory T-cell also on a strong effective and we preliminary result. where it's a our response. detail We're again was We programs consistent go clinical trials, We That go. those

this by to buoyed to So overall go We're does our, this pipelines. into ofcourse, the how we've very And fit you just our slide. result. want if next been show

We to where are still expect eight bar our which very development. you we the to all and at very committed vaccine results program, had there, see of our we that endpoints good March, in continue co-primary second in NanoFlu

to Stan. So to this with over that, going turn I'm back

Stan Erck

Greg. Thanks,

slide on immunogenicity NanoFlu, form of end BLA licensed FDAs now believe will we for first announced pathway. vaccines, results these phase we're approval accelerated said the as future just XX. development NanoFlu will and added X important of during the leading using the responses. submission the robust the T-cell mediated combination pivotal from results the differentiate So on At We the data further data successful these the demonstrating Greg of quarter, we quarter, basis

well a with week, have effort, product should and X Phase be X been server and this online peer up the for lot leading pathways quick archive, phase are clinical posted has of server program trial. consistency update our reviewed both this ResVax part been preprint from mid currently submitted As And the finally, publication on required data as to manufacture data we journals. submitted to for vaccine. to the exploring

licensed still I'll Our of the published John the pregnant infants July. that, in design Phase the of coming we on over at X product of end results. women impact We an have that believe efficient And with in a Journal results were years. to the of Medicine ResVax pathway financial can the vaccination assessing England New provide

John Trizzino

I'll Thank the announced you, on financial XXXX. the quarterly second my results. quarter focus months, Stan. comments Today for results the and we six first

in of on period net compared XX for we're a reported to we quarter loss $X.XX now share million, share the or quarter, XX. of $XX.X or million, loss So a net slide the second per second $X from per mainly $XX.X to And in the in XXXX. the and XXXX. $X.X quarter of revenue under offset increased expenses. for same million by agreement, $XX.X Revenue Reduction million net CEPI loss due increased increased partially in is the SG&A R&D

to and $XX.X for the costs quarter the expenses due to period our in increased activities XXXX. in to XX% to under of As CEPI XXXX increase was million the increased to activities related development fees the in other million of I G&A professional primarily for increased was and as The ResVax. and R&D development increase million increased primarily quarter of due agreement. XXXX offset XX% increased increase compared expenses. employee partially and the This XXXX. just $XX.X Novavax the to expenses $X.X second noted, to in acquisition period due primarily compared was XXXX employee-related same same CEPI supporting second by relating agreement, program the CZ the for $XX.X XXXX lower million to

cash. proceeds and equivalents, cash million first same During cash to $XXX quarter, balance we net for months six in $XXX.X used A restricted As marketable million, preferred a by through the provided June period $XXX of was our ATM raised for $XX.X activities compared further offerings. million Series operations strengthened in gross of and stock million $XX.X of net and had convertible XXXX, this of for proceeds our Net sheet. of completed in in operation XX, million RA private with XXXX cash placement Capital securities Novavax cash a We XXXX

activities. For six call turn million. vaccine concludes non-dilutive months our June total And and to billion to back secured funding addition, financial I'll in we my XX, $X raised is Stan. review the $XXX the support development of COVID ending amount That

Stan Erck

Thanks, John.

we milestones So with and all far have major significant work remainder still to the the progress XXXX, even of the in in do so ahead year.

plans and week, done trial program, to expand Okay, as Now trial Coronavirus the we on U.S. trials which these said pending are initial I will, of extend efficacy. demonstrate Australia, in slide last the people in XX the our into and to for this we older we XXXX of population. what will making for approximately plan a parallel, we've adult proceed part FDA results In global into

Our goal conduct in multiple trials is trial countries. in to initiate efficacy and efficacy our September first efficacy,

evolving moving keep is weeks, and everyone you on you parallel know, to the agreements appropriately. you manufacturing space will extremely all all are are update currently fronts. and the in coming we as updated We supply that collaboration on forward quickly, continue In There's through. multiple we will we working

that I Without the since huge Q&A. over open turn to just with all be I Operator? the operator beginning at for And to Before would none to would dedicated thank employees pandemic. the it add call for I'll the questions, like of this Novavax their that, progress for them efforts and back the of possible. tireless

Operator

from [Operator from now Joseph Instructions] And line our Eric JPMorgan, first open. comes Your is question

Eric Joseph

Thanks me? for the Can question. you hear taking

Stan Erck

Eric. Yes, we can

Eric Joseph

Great.

up that in any unblinded be and other about assessed? I non-randomized, guess there endpoints know about Phase talk expanding there'll protection. but efficacy? follow you also about you the And patients designed whether in you're for any included X adult thinking to anticipating numbers older in that's and XXXX include are as and on eligibility what’s just there for? the for X would it I So looking thinking upcoming at whether is being study? can in Can the guess any -- there the population, Well, allow I any you about talk that that trial are opportunities vaccine Phase whether be, read

Gregory Glenn

think will you Chief this And to who's Medical Filip lots Hi, of him. chance going six and I'll Dubovsky, let talk Greg. Eric, next to give months, here to Officer, to conversations. have a is you new over I’m him the you introduce I our

Filip Dubovsky

older is those subjects study, than of other actually the years and study and XX XX. half age, the a So wasn't half be of randomized will Right?

question. efficacy study, We in are but of get very that robust size answer looking study, at with a the unlikely to the the we're to

Eric Joseph

it. Got terms of, population older patient numbers over an just And XX. And okay. on adult in

Gregory Glenn

half some... So so of study that

Eric Joseph

gaps with looking of with to manufacturing your with, just from and I have talk get billion CDMO still fill across about And are capacity to expanding sorry. in side, in you I’m XXX what on the then relationships Thank can doses Got you. the OWS guess, additional relationships doses of there. and you now target your sort is the U.S. to extent And [Indiscernible]. annual to terms it. where now then,

Filip Dubovsky

we, and better project globe years. of prog The the just year. at articulate so and that for within places. So, process. be outside looking future. including there's a the in so inside will time, it's and a going as some reconstruction that will already U.S. then have capacity happening and announce in that some real of Been engineering in And the lot could as U.S. announcements to we and weeks we to coming near production $XXX be expect we'll the we'll the point getting needs as expectation in several will what Eric to passage remodeling GMP complete is has for at And to large we least the -- the our able beginning million we've only, $XXX United U.S. the right, been two and the which now from States supply Fuji facility three from out to And, process million and on primarily start runs be doses is two weeks, the of in expand you the sights. U.S. other that we're scale the next started year, high ready we've Outside further. U.S. fairly

of over on basis. expect very said a units we well an shortly, annual to have As I’ve couple capacity billion

So...

Eric Joseph

for Thanks congrats Got it. progress. the on Great. the and questions taking

Operator

Cantor. you. thank question next comes our Duncan And And Charles from from

Your line is now open.

Charles Duncan

year interesting then couple and even really broader had a the thus COVID on maybe Congrats team. and Stan the on then questions on pipeline. questions far. and one of the taking a vaccine for I Thanks

X particular population? the will you work including will little bit you in look the interesting a going activity think that XXXX adult most and immunosenescence or I’m do all, NanoFlu, see about some at be thinking whether older Phase study the of older what to mentioned, of back First adults, not metrics to wondering a take and

Filip Dubovsky

Phil, is this again. So,

do things So that the that option at But will levels milligram this the on a based role in level the from with. dosage this on, be the that one study play on dosage the look work vital concurrence data planning may suggests we'll We're at we responses day five we that data here. immunosenescence end we're responses. the at previous two our likely will I same and IgtG working FDA up migraine And plans. to looked we the final looking pay for at the first with have

Charles Duncan

about you've you the the the seem case to seen me would would Phase that NanoFlu be anticipate you the me? recent think and activity tell that would similar when And adjuvant X activity would you of program, you but, in the

Stan Erck

Filip. mean, I kind predates this Yes, of

say, and immunosenescence. in jump for I the think adjuvant match some the, that is ways I'll perfect So the in

So, polyfunctional memory inducing responses responses, is what's in That's really durability adults. in T-cell adults. needed for high old what to older especially we and affinity antibody cells CDX establish saw effect

show that huge it T-cell distinctive, the in previous somewhat a I kind we for and how where of the – the then that response but of the by Adults zero and afterwards, lot We in It’s were that repair harder T-cells staggered seeing specific is, to flu sort and antibody staggering, we're of to we my adjutant T-cell it rather on flu there surprise response the good response. So, the immunity, because looking saw vaccines fact little a T-cells that there. here to with have for, there's and and placebo was so are to going addition was the sure. incidences the having. a day

at probably but where today if are in appears down so by match really, want the were immune and we any to what it us So, this of of the not, why expecting we're and don't We be critical gap to the for response. good some decrement in that's to see part adults dose, miss it. antibody studying with to going that younger response, I'm peak immunosenescence immunogenicity we'll

population formulation the the push in strategy. of it's same our higher in our nicely. up that expand probably be At gaps very we make that can likely dosing the the to So that'll be dose, our have able no safety given by using that sure dose we'll time, but

Charles Duncan

Phase could speculating X And and demonstrated know ask ball just Greg. data? your you also here. do the about do your crystal kind you out it's having additional pull demonstrating in pretty, of or participation, think and to interest you'll color, interesting competitive the If terms be enrollment, in program study you I already think But clinical I when pretty besides to can you what facilitate of participant environment

Gregory Glenn

the Well, in are that funding technology. see can you people big months, I in think, last believers the few are that

preclinical all So, experience was past platform. based initially funding that of and the done work the on

look good I comparison, immune our to And – into study. There's you really an and some our want our it’s efficacy and it seems good. just robust. seem -- that immune but around is what T-cell with it go response So issues does view responses very best. would And the very, apples-to-apples like like

efficacy we're hoping that high. so would be So, our

have I think and partners, Gates same the CEPI through all OWS that CEFI, perception. our Foundation,

getting we're be to we demonstrate says, is focused going studies That's That's really and Filip And, And on cool. started to our laser optimism. be so optimistic. in focused. efficacy execution. we're have crystal here ball to why -- but My

it standpoint good. from functional looks very data like So is the our

Charles Duncan

with And results I’ll interaction PMDA in Phase the of study Japan back or does in on X queue. the and, and then clinical collaboration that local hop enable dovetail there with the a kind Takeda, other and

Gregory Glenn

disclosed detail going have Look, we be really trials, is those everybody the to attention to watching yet. And a global results. paying That's that.

them will provided say to U.S. Australia. start licensure the Phase the for start about up now, trials. relevant we We're working X come in our will our countries the future trial us of specific to think I But we're the with. how back. in know, important that have that to waiting in we'll next and Right don't data we to as to point set this be for be at can't, the we so And near actual And more FDA.

Charles Duncan

my questions. for Thanks taking

Gregory Glenn

Thanks for your interest.

Operator

you. our And [Operator Instructions] thank comes saying Mayank Mamtani. from And next question

now open. Your line is

Mayank Mamtani

for and afternoon. forward future welcome Good to many progress. recent Filip, the again taking on aboard Thanks congrats interacting my all in question And look calls.

publication question out could please and Greg go that can The specificity Specifically the the comment muscle week, to and first that on rate this Filip. you quantitatively? the coming NanoFlu the of qualitatively Could profile? either this comment biology we T-cell On context on saw? and the in safety [Indiscernible] the data on also of you just maybe or

Gregory Glenn

Yes.

first have everything the all, we week. really covered that So, that we last in paper reporting of saw

that going So and on a probably there's the we to what close have be of really in there's you reported. concordance what we taken showed details look, paper

file So that's, quite us, of match percent being with something said, to needed with what T-cell the get, some data like, tried had reporting good. subset it axes it limited the the data. if a We We to order look set response positive to CDX reported have you T-cells. was And will, of somewhat in then done that up we to terms our been in of FDA.

four with what only and we've it's expand in and that four But super So, pre-cloak going group, arena. there's our really XX subjects total previous trials forward. information seen we'll consistent per

these aThX seeing of the the which phenotype, polyfunctional think safety the is we of these that we as information. helpful So fact we're poly they these, which potential CDX target, vaccines. to our sharing is comfortable cells, this felt and assess is FDA functional – And very kind

overall, So, to it's turning good we safety just one. back really the I feel a think like profile.

graph there's you grey subjects a If have grey blue for so of were mild symptoms at being they majority collected, local look example, no. where they no a the were collected, on we some bar said have blank, provided bar, symptoms, or the and the, the the bar, the it's vast and that

any is I take pain it's think pretty I but reactogenicity. bit there local modest. little very norm of be the I local and So there that's local for vaccine, going profile good a tenderness looking good, and think with a to relatively If really,

response. the seeing a of have of with We I robust there you you're like sort to things immune smattering symptoms. as think a associate would of generating what

of of So courses again, little no, little vaccination smattering outcomes no and with with, a but little severe more one very muscle And myalgia control, headaches, of any is more to I micrograms. noise, be like the we say And, XX with better maybe vaccines be most for a just the than see that maybe a acceptable that that many this the will more of, is so hint feel a we five use. particular maybe some fatigue, consistent again, would be quiet in that pattern placebo microgram is profile a little today, concern. will vaccination a

So wouldn't the one and issues and we fever the you're grade a we inducing just record fevers but that. of people fevers. was profile the of management on feel safety I one We a a which you is we creates see, that make one much dose, of I There's low thermometer problematic acceptable in tell have in no difficult there's first too that's vaccine very that means your it context vaccine thing notably, this the like if you it pandemic, in working.

really So good overall. profile a think safety I very

Mayank Mamtani

great. That's

the quick and any So And any data Do guidance Has by the know up profile maybe from or given that… next that been now FDA to just here also follow a the that. that described is the looked you steps feedback? FDA? yet the that impressive you at immunogenicity safety

Gregory Glenn

That's glad good? you That's asked.

are the to to the good is that ready soon they and number suitable reviewing moving go. lead we will So development. plans as ones they a with We FDA and agreement agree and this on reviewing their a into file that data, this of -- be as with questions our point. the will have did that be for profile the will

the we So it going to start distant constructive. start super in trial phase heard efficient found but from to and – not them, expect too we and it We we're frankly we have because expect be to not future. the Phase to responsive

our I'm blessing. issue questions large of forward. going don't always they here they should but they're give is, and have going expect impede to some clarification, some us that, but that their assumed not are So I important anticipating course, it and anything But not

So we've got a mixed bag here.

Mayank Mamtani

the can then, government for flow more in part the arrangements. on effect country regarding can if more communication just allocating John And the comment budget, of stockpiling as that Could really of these terms? I of distribution these around Is some you granularity could the some arrangements. different and of or what financial sneak we of around that? cadence John. one learn, and How specific Gulf, John downstream when

John Trizzino

the you're question make in not are plan doses we're I'm -- think a that way, kind Yes, to only the be more much the made more allocating I going going of now, your robust if with I produced. out kind think we with capacity arrangements. support, to that'll of coming make global and pretty clear be to everyone. how before but building Right the reference much Stan out funding other right we're that also dramatic that hearing supply in to partnering a significant weeks way coming And

make that of and access that release significant allocation we're And since especially seeing supply the mind. of demand sure balance agreements. in growing for our to that demand with, kind have we're against a data, doing global and think purchase global we're against I advanced the

build how provided these So supply. being where we agreements. determination thoughtful doses those various very making how about very about around under diligent being, will be we're thoughtful We're a and we're

your allocation from in learning new is making as something we're more the answered to of that all to every day If, product about to with mind, country stay what's how about come. And question. doing decisions their So come. keeping a if more and stockpile happening work standpoint, Mayank, global each that tuned, so CEPI we're, there's

Mayank Mamtani

Any the some the it could Right. pricing? too and really it what was these on is color is economic you Or early, give terms because is of arrangements missing?

So…

John Trizzino

give color we've can't be, than said to I you any more going And pricing. fair that is other before. what

talking there's has partners strategy be think, I that more looks like. about done to that what with and our work

again, Mayank tuned. stay So, process. evolving It's an

Mayank Mamtani

and my forward update. taking you the appreciate you. I Thank look questions to

John Trizzino

course. Of

You're welcome.

Operator

further Mr. further for the I now like you. no back Thank I questions. am And to over to would call showing Erck turn comments.

Stan Erck

nothing a than quarter. an less been It's thanks, Yes, exciting everybody.

The the than not we're been. second quarter last quarter much the expecting different what to and has future look

of to we’re focussed, we to that’s And on. but only data focussed We lots is clinical leave vaccine, for the we’re vaccine, working So the you hard. make company need [Indiscernible] it. the

you. Thank us. from hear you’ll So

Operator

and you today’s conference Ladies for this Thank participating. concludes call. gentlemen,

now may disconnect. You

Novavax (NVAX) 10 Aug 202020 Q2 Earnings call transcript