Moderna Inc Corporate Analyst Meeting on April 14, 2020 / 12:00PM
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Client Id: 77 THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT MRNA.OQ - Moderna Inc Corporate Analyst Meeting EVENT DATE/TIME: APRIL 14, 2020 / 12:00PM GMT THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2020 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 APRIL 14, 2020 / 12:00PM, MRNA.OQ - Moderna Inc Corporate Analyst Meeting CORPORATE PARTICIPANTS Juan Andres Moderna, Inc. - Chief Technical Operations & Quality Officer Lavina Talukdar Moderna, Inc. - Head of IR Stéphane Bancel Moderna, Inc. - CEO & Director Stephen Hoge Moderna, Inc. - President Tal Zaks Moderna, Inc. - Chief Medical Officer CONFERENCE CALL PARTICIPANTS Alec Warren Stranahan BofA Merrill Lynch, Research Division - Associate Cory William Kasimov JP Morgan Chase & Co, Research Division - Senior Biotechnology Analyst Edward Andrew Tenthoff Piper Sandler & Co., Research Division - MD & Senior Research Analyst Geoffrey Craig Porges SVB Leerink LLC, Research Division - Director of Therapeutics Research, MD & Senior Biotechnology Analyst Hartaj Singh Oppenheimer & Co. Inc., Research Division - Research Analyst Maxwell Nathan Skor Morgan Stanley, Research Division - Research Associate Salveen Jaswal Richter Goldman Sachs Group Inc., Research Division - VP Umer Raffat Evercore ISI Institutional Equities, Research Division - Senior MD & Senior Analyst of Equity Research Yasmeen Rahimi Roth Capital Partners, LLC, Research Division - MD, Senior Research Analyst & Co-Head of Biotechnology Research Andrew Lo Flor Munoz-Rivas Kathryn Edwards Mark Denison Mark R. Denison Paul Heath PRESENTATION Operator Good morning, and welcome to Moderna's Virtual Vaccine Day. (Operator Instructions) Please be advised that this call is being recorded. At this time, I'd like to turn the call over to Lavina Talukdar, Head of Investor Relations at Moderna. Please proceed. Lavina Talukdar - Moderna, Inc. - Head of IR Thank you, operator, and good morning, everyone. I hope you are all healthy and safe. Thank you for joining Moderna's First Vaccine Day webcast. During the presentations today, you will hear from members of Moderna's executive team and from key opinion leaders in the industry. You can access the press release and the slides accompanying each of the speakers' presentations by going to the Investors section of our website. Before we begin, I'd like to remind everyone that this presentation will include forward-looking statements. Please see Slide 2 of the presentation and our SEC filings for important risk factors that could cause our actual performance and results to differ materially from those expressed or implied in 2 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2020 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 APRIL 14, 2020 / 12:00PM, MRNA.OQ - Moderna Inc Corporate Analyst Meeting these forward-looking statements. We undertake no obligation to update or revise the information provided during this presentation as a result of new information or future results or developments. With that, I would like to hand it over to Stéphane Bancel, CEO of Moderna. Stéphane Bancel - Moderna, Inc. - CEO & Director Thank you, Lavina. Good morning, and good afternoon, everybody. I hope you and you loved ones are safe. Welcome to Modena's First Vaccine Day. Thank you for joining us today. Given 80% of vaccine worldwide sales are in big 4 pharmaceutical company, back in November, when we announced Vaccine Day, we thought it was important to provide our stakeholders an opportunity to appreciate 3 things about our vaccines. First, that there are still an important number of innovative vaccines that need to be developed that the world needs. Second, the high probability of technical success of infectious disease vaccine caused positive Phase I data as they enter Phase II, which (inaudible) [is over for a particular] area. And third, the totality of Moderna vaccine platform clinical data and where we're excited about the opportunity to impact public health. Obviously, a lot of things have changed since November. So let me turn to the agenda on Slide 3. After a quick introduction, I will turn over to Professor Andrew Lo from MIT, who we introduced at that time. Then Dr. Paul Health is going to review traditional vaccines. Before Stephen Hoge is going to talk about what differentiates mRNA vaccines versus other technologies. Then we plan for a small coffee break before returning where Tal is going to review basically vaccines that we have against infections from mother to baby. i.e. CMV and Zika. And then we're going to review our vaccines against respiratory diseases, which, of course, is extremely important. So Tal will start, and then we'll be happy to welcome Dr. Munoz-Rivas from Baylor College of Medicine. And then we will go to Dr. Mark Denison from Vanderbilt University and then Tal and Juan will close that session. Before my conclusion, we'll have Dr. Kathryn Edwards with an overview with us some overview on ACIP, which is an important framework in the vaccine world, as you all know. And of course, at the end, we'll be very happy to take Q&A. So on Slide 4, as you know, we started the company on the central dogma of biology, believing that mRNA is a software of life and if we could find a way to create medicines out of mRNA, we could have a profound impact on patients. On Slide 4, you see the 4 value drivers that have energized us since the very first days. An opportunity to create a lot of products that are first-in-class products because of their ability to do transmembrane protein, to do intracellular protein or to do combinations of protein. We believe the high probability of technical success of this modality because mRNA is an information molecule. And we use as raw material, either human DNA information or DNA or viruses -- sorry, DNA, RNA or viruses. The third piece was, of course, speed and the ability, again, because of a platform because mRNA is an information molecule to move very quickly in the labs and to move very quickly into clinical research. And fourth was the very interesting aspect of a technology that provide capital efficiency, which I'll come back in a few minutes. And because of this opportunity on Slide 6, to create a new class of medicine, as many of you know, we have been and to this day, are very focused on managing the risk: technology risk, biology risk, execution risk and financing risk. And on Slide 7, you are all familiar with these metrics that we have been using to kind of guide our decision-making as we build the portfolio. Since the beginning, we thought that taking 1 drug to the clinic and hoping that we have figured out everything, was not very wise and was actually extremely risky and could actually jeopardize our mission to use this technology to help patients. And so we decided to try several technology in parallel into the clinic, which you see here on the X axis. And for each of our application and modalities, we decided to diversify our biology risk by going after several drugs in each application, so that we will not take all our risks on only 1 biology assumptions. 3 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2020 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 APRIL 14, 2020 / 12:00PM, MRNA.OQ - Moderna Inc Corporate Analyst Meeting On Slide 8, as you recall, we believe that 2019 is a very important inflection year in the company's history. Because as we said the strategy to led the clinical data guide us from where the technology is working best, we have very critical clinical data in 2019. With CMV, we had of 6 clinical data sets around our infectious disease vaccine, which gave us, of course, strong conviction that we believe the prophylactic vaccine modality has been de-risked. And at the same time, we shared new data on our systemic secreted and cell surface therapeutics were chikungunya antibody data in the fall. So if you think about the company moving forward on Slide 9, this is how we think about the company, exactly in line with our strategy, which is because the clinical data have informed us that prophylactic vaccine and systemic secreted and cell surface therapeutics have been de-risked, we have named those 2 modalities core modalities, where according to our strategy, which were about years and years ago, we want now to double down and to enable many more important medicines to get to the clinic and hopefully, to get to the market to help people. On the right side of the slide, the exploratory modality is a set of programs that are in the clinic for the personalized cancer vaccine, the KRAS cancer vaccine. We have 3 immuno-oncology assets in intratumoral immuno-oncology: the triplet, OX40L + IL23 + IL36y, OX40 and also IL-12, which is partnered with AstraZeneca. The VEGF program in Phase II. And for MMA and PA, we have 2 open INDs and 2 products that the FDA has fast tracked.