GOVX - Earnings call transcript Q4 2020

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Operator

Good morning and welcome everyone to the GeoVax Fourth Quarter Year-end 2020 Corporate Update Call. I am Jayson with Chorus Call and will facilitate today's call. With me are David Dodd, Chairman and CEO; Mark Reynolds, Chief Financial Officer; and Mark Newman, Ph.D., Chief Scientific Officer. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Scott Gordon of CORE IR, who will provide a forward-looking statement regarding this call and information herein.

Scott Gordon

Jayson. you, Thank following forward-looking the Securities in presentation this Reform Please within certain the constitute statements Private meaning may Act. note statements of Litigation the to current These and on are changes management's statements are circumstances. based subject uncertainty and in expectations human regulatory from to no vaccine differ timely be including due the marketed, factors, infections included agreements development, and than which in GeoVax will GeoVax desired GeoVax's use approvals more to vaccines manner, products with can will develop use, GeoVax complete development characteristics over Actual to materially GeoVax these for is vaccines capital effectively variety has a a be GeoVax's of GeoVax's will competitive results into distribution vaccines prevent products, to be safe and necessary humans, able those favorable in may there its will manufacturing to in be and of that whether: easier statements raises vaccines enter factors, receive and or licensed manufacture other targeted control. may required effective GeoVax's to obligation update forward-looking is not statements no intended to assumes GeoVax and do so. these is about the and forth filings Commission, GeoVax's More these Securities set GeoVax's contained risk including with those form in information Exchange factors XX-K. factors in my is It now GeoVax, CEO of David Chairman Dodd. and pleasure to introduce please go David, ahead.

David Dodd

the development update capitalized Good of accelerating morning GeoVax support the At call. clinical cusp securing programs quarterly and fourth and quarter significant towards development. of NASDAQ GeoVax XXXX, listing, thank you to and year-end for XXXX participating achieved in our quarter resources third fourth the the company

XX over delivering value months. on and focused milestones are the next We results XX to meaningful

no announced focus NIH with Executing use materials additional and a high increased shareholders, priority our anticipate and NIH to to value, of that license COVID-XX. we relative of January, including versus funding providing COVID-XX against in annual confidence coverage, This our unique COVID-XX we through focus provide access evidence and license numerous providing vaccines support product hope There's dose technologies. a our than able underscores a and target agreement in full announced We continue to what announced to this to vaccine commitment past registration, is about issued In to what use November, change to technology license focused vaccine the speak vaccine potential immuno of commercialization. and coronas stakeholders proposals November, bit oncology, another will Once worldwide. will within In pursuing of protection of requiring GeoVax vaccination. required development little are to on commercialization. decide emerge similar continued progress more others with required underscores cancer and patents on evolving request a a referred call, NIH value product product a is this pan with that, access product product influenza with in for we our specifically support minimal variant durable with full specifically, clinical patents less likely the seeking in week as to to to and developing support it Our fund of our broad relative reconfigured In FDA competitive for update against to health specific license approach that otherwise the That receipt we similar of In October, the development virus NIH pandemic and pathogens as various We'll related encompassing before development and based advancing be to a a registration COVID-XX using manufacturing November, preventive NIH potential. of exactly clinical they agreement. critical refrigeration later. programs. and virus differentiated for our license GeoVax following vaccines, chasing development requiring variants a evolve, single we pipeline necessary we is vaccine. and programs meaningful COVID-XX COVID-XX for NIH virus what our previous development, NIH public to expanded our materials broad coronaviruses advancing development, project, into corporate commitment and advance increasing immunotherapy. executing development vaccine vaccine to SARS-CoV-X

Following gross raising of of increase successfully debt. our NIH the in COVID-XX plus $XX further $XX had announcement total opportunity in position grant support the a million with the million resulting over of position, cash our program, cash we no

advance result, granted we portfolio, XX to we the capitalized over families. spread priority XX are next a to Meanwhile, into XX pending applications over development strengthen and or well to more. IP programs now over patent XX clinical continue months having patent our As

strong have with value In providing with that an for the position. FDA compelling are funding. needs, opportunities indications a we program, increasingly we near-term a more competitive are major have focused summary, Included of non-dilutive development qualify which on to in our significant six pipeline that position, advance are market We continuing commercial priority IP milestones. medical voucher most confident providing portfolio

developments, program minimal while advance from COVID-XX remains on our vaccine other resources immuno requiring advancing these GeoVax. programs will Our focus oncology priority and our

turn Scientific the Now Chief would call to Officer. over like to Mark Newman, our I Ph.D.,

Mark Newman

is that over MVA you, we're David. going on. working go I'm vector to the do program Thank What

the based use GeoVax So as of the previously, noticed the on Ankara, Virus vaccine modified Vaccinia we've MVA. is abbreviated

and enhanced use on an in smallpox with safety. a focus was immune MVA So as the elderly for developed individuals compromised vaccine

virus of the which vaccinated for vaccine the particles the -- This in This the actually in antigen of a like develop pictures The X is within the include will really target. antigen general antigen generation population. of X. body to it's advantage capacity allows multiple to X, vector as MVA the that a primary for individual. and as genes given is shown genetic within suited us vaccines us support use large coding ideally the So within allows

correct So non-replicated and induce the they structure because and will and immune responses, these induce within they're the be the whatsoever, cellular responses antibodies and immune These but the virus particularly virus a both induce mimic responses protective safe. will ideally [indiscernible] dose. accurately totally mimic of they infectious single

producing Now, current proteins, our with experimental the to MVA-VLP advantage of in COVID the a vaccines. encode protein, take technology spike most matrix And focus vaccines and of is are combination E. M the designed the of and & we're envelope these generation which

as They proteins required responses. components provide targets So structural the within also VLP cellular the immune additional for E serve for the formation M the & body.

within critical protein. So that population, first all that significantly this represents responses COVID towards which These the vaccine are variants not design about. heard a are we've are the immune characterized evolving step will by S as typically within which the impacted variants induce

working than the COVID David rather of of the noted. are get ahead variants evolution new We chase as to

a vaccine. be we So producing won't basis modified universal vaccines yearly coronavirus a rather on

The in first infectious and challenges. the stages animal vaccine experimental final testing, small of this are constructs three testing includes

most product immune So will that we're looking initial basis protection. development. responses the the at be proves protective to induce clinical for The the

based the new be products considered on be These to necessary. will which which evolving data, the and future expand to design on selected over is Additional target proteins for use existing based allow will vaccine to additional coronaviruses from population us coronavirus if coronaviruses additional designs will pandemic.

other selected is oncology ideally program immuno inducing is immune typically on. responses we're MVA-VLP suited Now, to associated antigens, that platform focusing abbreviated the for The tumor TAA.

with virus antigen of immune structural a tumor form and of These the produced potency the a of are induction So vaccinated protein, but the body the to associated allows with composed individual and within increase VLP, in system VLPs antigen. connection both form to antibody cellular tumor concentrated the a responses. present highly associated the of also which

in checkpoint is Now, antitumor theoretically will combine and the our can metastatic immune expansion agent the which to and as contribute such a existing with responses of tumors approach that potent prevent development lesions. inhibitors, to result vaccines

MUCX cellular also associated is with for studied focus there tumor using multiple tumor This which a X responses. antibody this antigen. But are data or associated on to the in initial investigate antigens, antigen, the models, Preliminary actual two which checkpoint intend vaccine generated Our other different immune and approach. well Mucin we shown target the setting. both effect allowed and peptide MUCX in mouse transgenic of Slide the for against in in humanized tumor humanized vaccines our inhibitor combination a tested experimental we with associated products the XX, MVA-VLP tumors as is valuation

either to a So the MVA the alone for treatment the XX% difference peptide combination, the protection using combination vaccine compared or with animals growth tumor Also the MVA combination reducing plus note superior observed a that checkpoint we inhibitor tumor alone. immunized animals. against in control the to MTX in MTX in peptide compared of in of was plus model peptide

designed existing an recurrence this additive of vaccine for mimic a model tumor standard treatment. is the induced the So And represents almost actually cancer, development. immune peptide a preventive plus setting responses to peptide in MVA-VLP MUCX significantly provided that MUCX XXX% post-treatment protection to step which

VLP and to program, efficacious consistent starting combination We exciting product will results the GeoVax vaccine an promising initiating development these manufacturing believe us with have treatment. and added provides which standard be the encouraged clinical current So towards to novel for quickly proceed the of a basis that with our regulations. immunotherapies, GMP

Officer. over presentation to Chief Now to I'm the turn the going Reynolds, Financial Mark

Mark Reynolds

Mark. you, Thank

year past public the a from the our obviously So event financial offering was September, perspective NASDAQ. during uplisting and this concurrent biggest to in

end under sets million financial compared forward. year. at So was sheet, compared the million, our just balance to capital last review as really the progress $XX of $XXX,XXX a Working I'm for $X.X million of the in start going which negative XXXX. $X.X to year million only the the were Cash at as with $X.X moving to balances end our the stage

offering, received we that improved the again a offering, loan that paycheck another which generated year, due But public with warrants the was exercisable net the was David public debt. overnight in September the the million. and to year-end, with dramatically here. we $X.X conjunction publicly raised public that at offering. of that the converted $XXX,XXX position to converted Those premium We've of also Subsequent which XXX,XXX warrants salaries the million cash issue. from the also public financial traded $X.X collectively officers a converted are and million we've earlier, loan, priced public under offering. additional were around to $X.XX terms So to bridge of of year's raised directors have the per for share. share issued applied a balances offering The we -- also we as at is a in protection also priced an in and equity last $XX.X fees $XXX,XXX at warrants into program in through $X mentioned that in increase forgiveness deferred Earlier bank was seen February, on the end was mention I'll no the offering. an same proceeds into our we primarily are

those early the $X.X seen this million. So year we've exercise another proceeds giving of

-- That's representing offering. up, to our million year, representing been well -- January million were a during were XX%. our the vaccine from and received in the balances XX,XXX G&A of also of was And related in the another associated an and as a XXXX grant during cash current an versus Grant in we to so support versus And the will XXXX to that received million from on Interest we X period $X.X $X.X Leidos collaboration a grant loan, increased million $X.X a versus million with Fever added we expenses have turning I programs program, Fever excess includes of of in year vaccine our with reflective primarily earlier, remaining under XXXX. Phase expense collaboration that be that that had increases includes $XXX,XXX licenses, XXXX, And income SBIR all increase R&D versus earlier, right in NIH Lassa be has we increase that David These $XXX,XXX and figure expenses in under XXXX our costs in will $X.X adds Army spending for million. NIH XXXX recognized under At of funded on September increase XXXX. revenues XXXX. the program. the this XX%. also $X,XXX million malaria we're COVID U.S year, Corporation now. amortization to related with all recognized Relations in were bridge spending and statement now grants Investor sitting programs on $XXX,XXX still Lassa $XXX,XXX earlier, the discount from which debt mentioned to increased XXXX. million are of interest as briefly. grant retired. $X.X $X.X subsequent have quoted $X.X grant current $XX That at work end supporting XXXX vaccine. -- $XXX,XXX

loss the stock share capital reflective at led XXXX, from $X.XX net uplisting. share, $X.X splits So from or that common $X offering, in restatement share. a right compared $XXX XXXX variance or in in to in million million a September amounts reverse the public retroactive was the the to and The the the primarily of is and January NASDAQ in restructuring shares

scientific going the deferrals. increase So net we've we're that a approximately offering, month. in during to is in beyond which our incremental expected through end we cash core all public additions staff, raise operating $X.X eliminated laboratory date. are that be to board resources development planning was for. we XXXX. for external and cash our of fee probably to programs, flow and was we've do is $XXX,XXX expect burn basic which salary our -- during expect We're about the and costs million But That XXXX We subsequent at the to cash investing least or -- as general, incurring the we to our XXXX, plans infrastructure, sustain money what advancing

of core Our our range in annually. the million earlier, to spending price there options and publicly are exercise or I going for GeoVax subsequent run during We spending have toxic those been that of warrant structure the have of million a the XXXX traded incremental an are to final with quarter. the And exercises about to $X the XXXX. is X.X of W, warrants progress are to at we common offering, cash prior and the far XXXX X.X we be comments related with approximately of warrants less the as none rate $X stock another average warrants about company. share. clinical the to the about those It's right X the February capital on traded of million as And most shares are are features importantly, rate exercisable But funds outstanding, million capital of structure in contain now. mentioned any per outstanding, And than trials. associated my $X.X programs X -- X.X other conversion some offering so our currently run

that us. all So we've got fully behind

structure Our is clean. capital

And We are that, with back growth. well-positioned supporting turn going for it I'm David. to further to

David Dodd

your colleagues therefore you Thank Mark. and questions, My operator the question-and-answer and the to call I will now over instructions period. answer the on for you. turning Thank

Operator

[Operator Instructions] Group. Maxim Jason McCarthy go question is Please from first Our ahead. from

Jason McCarthy

questions. for Thanks guys. taking Hi, the

MVA vaccines, about get than the get bit you than and anything immunology the you really in with need little Newman. I a elaborate T are that for someone T all. little aware and or this, regulators had Can XX think antibodies? and it of variation you VLPs more more it Can regulators believes that mRNA my seems that? really -- a mentioned NIH you or about had Can why circles on why public nothing of cells directed you is nobody of like another COVID mentioned you in talk a bit Mark very cells at or question interaction but Why days. not B the part and they're the antibodies cells understand vaccine. general at you And you need they was or get

Mark Newman

Yes, can your I I address think point.

in SARS-X become all Middle deadly CoV-X, common SARS-X, coronavirus, is four right? circulating in variants which cause then now last and MERS So, the we're we've severe which the colds. and is XX the still East And which mind, had pandemic They that. in has there's circulating of familiar years bear with

similar targeting a What component we elements the a are is certain looking significant it of coronaviruses issue. of that core coronavirus. about. to a lot seeing are So doing cannot at these within that's worried There's that virus the kind varied be makes a in the properties variations protein certain people of you're the S where and right, significantly coronavirus, which like are

response variant. evolving and a earlier immune and mutation The an to a needs response is variant. has the adapt vaccine get against generated -- You

more cellular immune within critical are accumulating the animal and the -- targeting generate amount responses [ph] we're of core immune Significant been memory these showing is human data data So core now features cellular responses. for and have that coronavirus individuals who pandemic will exposed the cells.

for significantly about better than memory looking So XX coronavirus you're talking probably still, But a which of It's be cells, antibody would reactivated we're an new type with upon decay. infection. that. days

the they're humans coronavirus, against that evolution, what be conserved can't all and a be make goal. to because infect actually the theoretically coronaviruses They and mutation subject coronaviruses, are mutate. The So these coronavirus. would would conservation they less that a

government field for targeting. products coronavirus of coronavirus then a going and mutation viable NIH of ideally don't the David into that in be have and for proteins, that's If have you incorporate get response. field, the really is to of a move is types there the It's to where mentioned, It an into a suited virus. the numbers these But MVA a we're support program, as announcement time gene we a lag universal large within you recognized recognize government institutions can vaccine. what obviously, and

what best expressed and some already MVA. see see actually -- the what And design these targets. we're products. They're the design the had we've then Our I current in next stage through of these testing. three said, generation We're already what to vaccines, and get represent products, as generation the within make is involve meetings. gene would animal of the can literature we And going to end starting

but is capacity. the suited that we're ideally large not Does MVA of because the There's coding technology only answer? this. So ones others, the doing

Jason McCarthy

the has data ones in proteins? developers S that vaccine from some the data particularly circulating To or Are just exposed targeting people or proteins, there, of T [indiscernible]. & Yes, your using viral been, antibodies M cells there any knowledge are based E literature, out other are that that's not helpful. from population the there and

Mark Newman

who that existing gene is to do there studies show data COVID responses individuals have cell Well, products. to T that COVID from population responses actually had never have

not to It's COVID. have caused immunity actually It's else. by So they coronavirus. something preexisting a

to yes, generate re-infection. two protective So decay, those to become re-susceptible you antibodies, then colds circulating The and and so there. year for out cause and do strains usually years, to can a you are -- get antibodies. They're they they're effective

So before. types recognized. But to seen we are now, because severely there It's proactive. when response was pandemics, you never need to a it's drives be it things But necessarily in ill. would cold response. those extent a what vaccine, that right, of it's it a studied people be been necessarily But get probably to But not have the that's better just these if study aren't would interest becoming you then reactive work. how

So are is lots these we there, it. new approaches. people ahead in aware And of know significant with what's out of there interest now moving

Jason McCarthy

What at study? last the Phase question. just least move X to And a is timing into

Mark Newman

for data we candidate -- that's selection we'll we'll and the which animal have the think us, looking know lot and at be. A first do going we to for the we're one that down

of MVA. and I next, Within months, then would X to we'll the the initiate say X manufacturing

can that to take a So up year.

step coronavirus universal be in the for we'd QX, a at first looking of year the and X starting -- vaccine. QX So universal the next Phase trial

Jason McCarthy

Thank you, it. Got Mark.

Operator

our queue. closing the [Operator over conference question-and-answer to session. like would remarks. Dodd I David turn are questions concludes the more any This to no for Instructions] There back in

David Dodd

continued transformation support progress participants thank to and and your GeoVax. and for you, Thank the of the in interest you

which look you. several updating near-term have We we forward to milestones in data

continued and listing various regarding updates with to the developing cancers. we focused portfolio, these programs. Following development near-term and commitment milestones anticipate progress remain on a company, against goals. options our development to NASDAQ progress improved infectious support threats highly of in health valuable you our Thank successful data We contributing capitalization, for the and your continued our issuing

success. staff I us and to to our continue towards acknowledge achieving that the other Finally, and support, GeoVax many thank want advise parties and assist

being us, all a a enjoyable Have GeoVax. it For your of to day. shareholders pleasure thank is And safe serving a for support great and you part team. this of again, our interest and and

Operator

Thank concluded. today's for The conference attending has presentation. now you

disconnect. You now may

GeoVax Labs (GOVX) 24 Mar 212020 Q4 Earnings call transcript