VYNT - Earnings call transcript Q2 2021

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Operator

Good afternoon, and welcome to the Vyant Bio Second Quarter 2021 Conference Call and Webcast. Today, August 16, 2021, the company filed its quarterly report for the quarter ended June 30, 2021 on form 10-Q, issued a press release summarizing its results, and provided an overview of the activities in the second quarter. Today's discussion is being recorded and will be available for replay. A replay of today's webcast will be available on the Vyant Bio website following today's call. Alternatively, the link can be sent to you by contacting IR at vyantbio.com. line in this during listen-only on presentation. the participants will a be mode All be a followed will presentation The by question-and-answer session. At to turn Roberts, would now over I of Jay Officer Chief this to Executive Bio. the time, conference Vyant like go Please sir. ahead,

Jay Roberts

all to thank Investor and our as full be the having Thank for the of Quarter Vyant Call joining quarter you completed operator, Vyant for Bio. you, XXXX. Webcast Second and Bio Conference We're pleased first

StemoniX There's and completed, between executing speak the the great share former directed you future to and Now, full we pleasure Vyant our today that the our give envision Genetics have near-term of some merger activities on Cancer our also to are focus into on insight we enthusiasm Bio. you business with plan. a how

present to financial the XX, the results June ended second going we're Additionally, quarter XXXX. of

Vyant me LaFrence. with call the today Andy On Chief is Financial Officer, Bio’s

second provide the statement, the Then brief and and developments through and our in the I'll quarter. lines us turn will safe questions. financial will update harbor corporate over closing a remarks, update make the a LaFrence. and discuss Following open vision will strategic then for matters accounting now call the take key up CFO, recent overview I some Andy we to will Andy I ahead. on

Andy LaFrence

indicated, cause differ the for or today's subject Bio’s various This Thank Private that Bio company's Jay reflect conference described forward-looking you, made statements these and Jay, are is the update XX, risks provisions to about of also turn and materially statements including this I our that future call SEC. to comments to in that Litigation plans the for risks and results not today's forward-looking We'd may expectations, with occur prospects Roberts. these Securities everyone the Monday, actual Vyant all. Act Vyant Bio under as XXXX. welcome at being the Any to that of forward-looking Vyant forward-looking filings to purposes cautions website to from those With of would any uncertainties back circumstances statements to to safe remind Reform only date. and constitute like the Jay? call that, recorded XXXX, of on events over date, call like after www.vyantbio.com. speak the audio on does rebroadcast statements August would intend harbor

Jay Roberts

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So, proud our these much little needless a team, so your I’d in has to done say, so couple incredibly I'm of time. on to like accomplishments. of attention

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will industry the will and biology software project be to from our our analytical subsidiaries as the the StemoniX. forward and teams. our and As leading We further the wholly-owned derisking keeping evolves, therapeutic progress. we shareholders StemoniX science others continue updated data in look human-based scientific incorporate strategy

Now, the a for over let Andy me update. turn call Andy? financial to

Andy LaFrence

Hello of second financial will our call. everyone the and results you of again Today XXth, sheet and XXXX our and Thank joining thank quarter you, as for June for I XXXX. review balance Jay.

closed financial GAAP compared for quarter As company's substantially for the the operations on StemoniX US company Cancer have the three quarter vivoPharm and all June include deemed the and the the cost accounting are does Genetics XXXX, quarter Therefore, operations. reporting the company as not ended to six-month with March of the solely second post-merger XXth, XXXX, the second the StemoniX purposes first merger on XXXX public and XXXX. period based was as XXXX results acquired for XXth, well

report. and structure, in and operations the post-merger items report in Given to I'm three going differences my pre cost

the for basis. and XXth, compared forma SG&A, First, GAAP three and cost ended results; same structure; on months and expectations research six actual the spending, XXXX an total ongoing XXXX regarding XXXX third, pro revenues and QX our public company period and as with June second, development

the review XXXX. total goods revenues. me the equivalents Cash XXth, Operationally, sold sold of the cost XXXX, million, June of in cost deficit $XXX,XXX, aggregated a the quarter runway and cash half XXXX, XXXX. let this into totaled of million for months first which XXth, of as First, provides June $XX.X three for ended results of cash second XX% goods goods margin resulting cost of million, service goods $XXX,XXX. in revenues of of resulting Costs service were $X.X of a sold product sold $X of aggregated

million, non-cash and currently our expenses stock-based include company excess have administrative to previously, were $XXX,XXX of development three future $XXX,XXX a ended public for expenses capabilities compensation, and cost As for depreciation. Research were amortization, expenses months $X.X selling, SG&A we've are June mentioned capacity product million. the growth. $X.X manufacturing which and general, XXth; expenses of support

expect second Second, second $X to ongoing not amortization. XXXX $X.X expenses the $XXX,XXX to costs are amortization, however, and non-cash as development per change of $XXX,XXX SG&A we quarter. half million to compensation, in to increase of well approximately expenses quarter least up to as at and costs quarter approximately in related regarding insurance research expected stock-based million our materially prepaid XXXX, half and in per per in include such the depreciation, spending,

Company necessary merger actual a indicative occurred periods. million year for periods. vivoPharm the with from or and for compared year and three in of and its compared for as revenues financial and XX% respectively, the XX, pro combined $X.X $X.X basis, six-month respectively, achieved ended remarks. growth, periods and for information with will six-months for and and the have To to prior million solely drug with XX% insights $X.X nor a generates periods. June informational on or by XXXX, the increased January as forma strategy it and same $X.X development presentation revenues future respective pro of On in I the now, that pro prior XXXX StemoniX million $XX,XXX results periods, revenue Roberts Finally, dates June the is currently for and Jay executes the pro revenues purposes, results year over while XXXX Company million respected on basis and deeper basis, not The million the a assuming $X.X current long-term indicated, six-months forma three XXth the operations were $X.X position and an for of forma for prior-year hand close the presented is of On indicative company. million, is X, ended compared the might back three revenue Jay? been trends forma subsidiaries. the the were to closing necessarily as provide the its

Jay Roberts

Thanks, Andy.

conclude of part with this As presentation, I'd final we the to following like takeaways. come the to

We First, I'd very molecule completed. an and central strengthened rapidly productive intellectual which like shareholder We're long-term nervous exciting partnership pleased StemoniX that meaningfully our how progress we system build focused our oncology merger small quarter, are been with to identifying has had now on large the pipeline value. collaborative therapeutics we inside disorders. treat and that property, a related reiterate to

faster looking actively and advance and opportunities. and world-class licensing and at continue in Q&A. programs result regulatory innovative could well partnership discovery to and I as data and potentially up drug pathway be out internal sciences, capabilities to chemical biological for affairs, science, that, new continue in line join an we development. to are higher me invite With partner to Andy engineering positioned LaFrence drug the We quality With forge open we that for

Operator

Capital. Instructions] ahead. our [Operator go take Noble Robert question We'll with LeBoyer from first Please

Robert LeBoyer

that all on Hi, quarter. and congratulations past you've progress in made the the

the look that the might see the company's between you I was, One like? future and questions how developing business and of what business products the had of services, development

Jay Roberts

you Thanks for to from you, great Bob, joining, hear and so thank much.

both part we really that be to capabilities drive lead partnerships grow. full to biotech increase pharma ultimately therapeutic So, those perfect think to to continue able we we speed business to us with some you the use as companies But deeper was set access we customers legacy able to and as combine to services new us with that on. that know we and service focused products to continue a our to our forward as we our And opportunity about key existing relative we through that customers provide when that capabilities -- in identify do were compounds partners. intention have together which the we're to – that products with business capability business, can the to to driving to same a into and categories merged those that learn integration we and continue see of going services activities for our that and that, recognize novel will to

Robert LeBoyer

you any of idea any terms of -- do the in versus the the And company? business, great. the emphasis of see product business split Okay, service the

Jay Roberts

on So business. discovery of is focus the really side drug our our

company know in efforts certainly -- novel to so, our get It to footprint the And the focused terms R&D services company. -- allow forward. sort is solution of of and the a investments have identify therapeutics us big we'll on expand key existing in combined we future that's And the and think initiatives that, part that products progressing real how within and we've those of think customers. to We to discover types focus continued continue we that'll make the set. the and be a of you going about of as

Robert LeBoyer

you thank very great, much. Okay

Operator

take our from Alliance with Partners. We'll Global Haynor question next go ahead. Ben Please

Ben Haynor

questions. taking Good afternoon, gentlemen. Thanks for the

a first quarterly color of a as issued commentary First see little newly often press off in for me of it's and bit I the But the not that patent missed here. apologize I a if highlight you release. kind

What’s considering -- important I of foundational upon there about and IPSC think or for are are it use? Are would IPSC. technology, to that, of that there might on really very broad. that of opportunities there licensing be little you the a some yourself? seem it's guys apparently kind kind like Just a to keep know do it bit you opportunities think you fairly that that, you of It others sounds the also of the of more infringing as kind patent other mean, that piece color maybe itself strategy there depend

Jay Roberts

top that very Thanks Yeah. much iterate think do Thanks some you the We use, we we drug the being a and important, at of unique know put it patient to recognize part was IPSC big rapidly patient derived it's that so. think Ben. the reason it and based that's it's cell of core at we process. assays -- cell as through discovery able we move based the

unique the are And it. some how incredibly that company actually terms we the of methodology of approach we think is created, in had

of we us screening. other drug access amount discovery. we this when aspect for think of strong that use this use that steroid to drug some technologies types to our is going a an capability out So, organoid disease of there or give think, models, is of We licensing position strategy. obviously think And there's, which it also how a is comes big our part of important purposes to do we of it's for

clear, of are important, infringers look globe from, support engaged defensive the just terms as that the patent that know, you us front as potential been think that have keen to we kind we're on And evaluate we to we've a think as So perspective, and in landscape of and we a we those as sort doing clearly we we across has it's some from other landscape of we review careful the now well. speak, efforts pretty help counsel -- legal issued. a of

Ben Haynor

Okay.

although type some an in might it's license its be that of sell this be you patent rapid loop of to. really feedback may able of to of – So show kind enabler asset, the the designing a compound less folks there

Jay Roberts

develop intention, -- And made of of We want obviously, we've continue to further the our for we'll disease was that the mean, similar very the platform. frankly the important be continue think it investments we our broad the and models down you terms development we we the are protect I using -- capabilities. kind fully endless. to of And strategic middle of of intend us of how to invest commercialization -- in to terms know the continue opportunities put Yes. in together fairly of by we to in kinds same other clearly and Right. think application, plan. it's the sort obviously

you If shots on gives simply just the us across numbers many, diseases, even in CNS oncology, think and of about goal. many

think it is we and that our So future. plan to strategic into our center central

Ben Haynor

Okay.

about helpful. when And trials. So avatar definitely you that's clinical the then, talk

to of, you ABC to that and know, of, think you're kind a identification You -- our avatar that these it's like example the patient patient with, then, is know, certain screening an or with at genetic you that the that individual kind for therapeutics. mutation, down and take something potential looking way can you -- we of or say, right is of of XYZ development build use and or say level, could what about a kind an mutations, is it there groups

Jay Roberts

Yes.

level. So the tumor that is the cell process collection individual patient

important? allows So data it It broad why about us -- specific at a of patient. gives sources look that's a it and multiple

AI get our the into and meaningful that environment. that’s to bringing, we to genomic – centric data we systems the to patient machine to And tumors learning We're so continue be also the and to a allows bring able design genetic-related further in of those giving as test of to amount this as insights in lab sort data intended of within cases. the and as this environment. binding we very growth on capability the of specific iterate particular are create better this better We proteins that getting design do to this us -- tumors specific vitro

Ben Haynor

And through individual that or sense the FDA, need to similar it's that of then level you how going a patients to just the an you're do Do not how kind many of basis have at ensure drug individual patient you patient. you take identify a an any…? on if of

Jay Roberts

there's upon So one expecting just patient. not we’re patient that to we're rely because No, That's it's not population, to going but individual to cohort that going rely population going upon. so data, is you’re that okay. a a

So we've research. numerous iteration cells particular into patient coming got that of are the this

it so And does the cut more the number us population base. are that give as you better insight again in of across cohorts

candidate, a to to obviously and the other to Now able us the be we clinical we've purpose. the ultimately through iteration safety it's very do processes of in to and know check studies be get And be we'll regulatory to check be design boxes on that's protein. as then use ultimately really together manufacturing continue both animal the pre-clinical insight continue taking the helpful typical in put to the trials data allow of kind us that and lead to through community. to to taking and the Obviously, it's the to efficacy optimization, into it packages able identified IND once we'll of

Ben Haynor

a lot I the makes That for That's question, of have. gentlemen. Thanks sense. Okay. all taking

Jay Roberts

thank you. Ben,

Operator

come that to over in web. pass floor have questions the LaFrence Andy for And we'll over the

Andy LaFrence

with the for doing business to would the one process very vivoPharm here view that we and segment that We are related projects a as purposeful is think and web organoids breakout our and done business services market question of as with to have business especially of say, you historical in I the that reporting the vivoPharm of between go offerings the the did an StemoniX integration over things the much, of to the expanded I we two Thank came trying revenue between Karen. have internally the of some provide, joint integrated to we service business.

playing revenue of came look that, tell were the came we forward, not separate I I providing in as people on majority business. the So year-over-year than farm what would increase Other from obviously, is, say from you what disclosure. -- services overall we the can

a any got to take Jay, progress here, with you do timeframe in came agreements also for models, or and We our question anticipated that some second that want either advice drugs? to the on providing disease one? the color associated

Jay Roberts

think at but programs point, about engaged had we it into think with Yeah, discussions a and starting I is, think, actively the -- we multiple heading gives point pilot we're licensing way this that us potential been in partners. to we've

that our the that really of course, Now time period be post be, shareholders. say clearly communicating for we to that to investors signed the short extent a intention merger, very would agreement, we'll to progress, good I'd making to we're and obviously, of and our get

tuned, So we was post-merger, we've I we're quite and really had good our right part think feet making successfully. progress, the making that that us fundamentals of answer stay it accomplished had our that sure is we of underneath all

we In fact, we of what next think down the head into strategy. most much as the quarter, quarter it's second we're to step, on very in is the middle important our logical the third heads and

Operator

[Operator web. questions any over Instructions] more are Andy, there the

Andy LaFrence

it like that's Operator, looks it.

I we move forward. can So think

Jay Roberts

see We time. anything in this don’t at point

Operator

one no phone. else have we up over queued the And

Andy LaFrence

We do not.

Jay Roberts

happy joining far you identifying therapeutics everyone and as keeping company call treat for call you and an today. with to oncology emerging forward related look great We're very is We thank so CNS today the informed well, way. large thank that the for joining very diseases. so along have progress Okay, drug small our of operator much discovery molecule a our all Thanks and evening, to the and rapidly global progress

Operator

teleconference. Ladies conclude this does for today's and thank We you your gentlemen, again participation.

disconnect your great have at time, You this and a may lines day.

Vyant Bio (VYNT) 17 Aug 212021 Q2 Earnings call transcript