Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| So we're going in with an immune response, which looks great to us, and a reactor profile which is favorable to what we think the competition's going to look like |
| Possibilities are very good for us to perform much better in '24 than '23 |
| And Novavax was still going through many firsts that were material that our competition had already achieved, like the strain change study, study 311 for us last year was a first while competitors had done that the year before, playing a little bit of catch up and clean up in order to position us well for ongoing commercial execution |
| Through our successful cost reduction efforts, Brendan, that we've talked about over the last year |
| In fact, in parallel to that expense reduction, we were able to improve our capabilities and show that we could get the vaccine out in season instead of a year plus behind competition |
| To have the ability to put in the potential to put multiple antigens for multiple diseases into one shot and have a very nice tolerability and side effects profile where you're delivering some impressive efficacy results in immunogenic responses, we feel is an advantage for us |
| We've talked about the fact that we are in the process of rolling our BLA into the FDA, which is an advantage for us because it means they're actively reviewing our data right now |
| So chapter one, post pandemic, stabilize, improve the cash runway, clean up the balance sheet, convert it from these large take or pay liabilities to a typical accounts payable on your current liabilities, which is a sign of improving health, and give us a really good shot on goal in chapter two, which is the next two seasons and our last two seasons by our intention to be a standalone COVID company, where we continue to grow market share presence, prominence, and improve our systems and cut expenses even further to our midpoint target of 750 million |
| So we've achieved all of those things, which are great things for the company |
| You can pack our platform multiple antigen into one vaccine while we believe maintaining a very nice reactogenicity profile |
| This coming year in the US, as well as in Europe, where we move to tenders in countries like Italy and Spain that we're targeting private pharmacy markets in France and UK which we're targeting believe will have success in |
| The XBB.1.5 vaccines work quite well against it |
| So there are some advantages to commercial, but the material advantages for us really come from access and presentation of our product and timeliness of our approval |
| And eventually, through the successful launch of our combination vaccine, should we succeed there and do that, our vision is that drives enough revenue and it brings us to profitability |
| I think the best opportunity to lift the going concern comes with evidence of our performance this fall in the commercial markets |
| So when you look at the remaining amounts, you got 450 remaining, a little over 80% Australia, New Zealand, Canada, and they've been exceptional partners for us |
| So significant improvement |
| So we showed that we can do it, we can do more than we said we could do, and do so while improving our systems, our processes, and our ability to execute |
| We were also able to reduce current liabilities |
| And Filip, you shared some data, Q3 earnings call on our Phase 2 with our flu and our COVID vaccine, but just some remarkable results |
| Through that journey, I myself, as well as a leadership team, looked into every corner of this organization around the world with a microscope, if you will, or an analogy, and we saw additional opportunity to continue to scale and cut |
| It is a great proof-of-concept for our technology |
| It's very important that we begin to penetrate and perform well in commercial markets |
| You know, we continue to be in that unique situation where we have the pandemic era APAs to not only support markets where we want to be, but offer supportive cash flow to the company |
| Obviously we'll be open to things that drive shareholder value and help us achieve our vision of becoming a leader in the global level of the elevator |
| And we feel, Filip, you may want to comment on what we feel is a potential development and an R&D advantage to our platform |
| So it allows us to better manage our cash, Jim, it allows us to pay down the settlement importantly with doses, and the original intent of the agreement was to provide our vaccine, which is the alternative to mRNA in the COVID world to consumers and people who need it in low and middle income countries |
| When we ended the year, we exceeded those targets by $150 million |
| When you look at what the economics are of the settlement, we have it as estimated present value, cost of capital of that settlement in the 300 million to 400 million range, it can get better when you deliver doses instead of cash |
| So that enabled us to streamline approach and be more efficient |
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| Is there risk? There's execution risk on our side if we fail to deliver on those expectations |
| It really was kind of a distraction for a lot of people |
| I came after the disagreement originally occurred, though it was communicated after I arrived, which is part of our going concern that we put on the company |
| We still have the going concern |
| So there's relatively more risk in commercial, relatively less risk in APA, there's execution risk across all of it |
| One of the good reasons and most important things actually just personally for me and for the team was getting beyond the Gavi dispute because that was a distraction from saving these kids and shame on us if another day went by without us providing our Matrix-M and saving these lives |
| We had a significant number of one time, significant liabilities from the take or pay days on the initial growth spurt through the pandemic to the tune of hundreds of millions of dollars |
| Lessons learned in the fall |
| You know, this is all new news and, in fact, had not been included in our guidance, so we're waiting to learn more |
| And a lot of questions come up about our going concern |
| I mean, the other thing I guess that you also touched on, John, that I feel like maybe is a little bit underappreciated here is kind of the difference with a pre-filled syringe |
| I think in the last minute or so here I do want to ask I mean you mentioned this at the beginning some pretty aggressive cost cutting measures that were frankly impressive to get to where you are now, but obviously you've laid out a plan to do even more, right |
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