Q1 2025 GeoVax Labs Inc Earnings Call
Good afternoon, and welcome everyone to the <unk> first quarter 2025, corporate update call. My name is Michelle and I'll facilitate todays call.
With me are David Dodd, Chairman and CEO.
Mark Reynolds Chief Financial Officer.
Mark Newman ph D Chief Scientific Officer Kelly.
Kelly McKee: Kelly Mckee M D M P H, Chief Medical Officer, and John Sharkey Ph D Vice President business development.
Kelly McKee: At this time, all participants are a listen only mode. A question and answer session will follow the formal presentation.
Speaker Change: As a reminder, this conference is being recorded.
Max: At this time I'm, turning the call over to Max category of precision Ecu.
Speaker Change: Thank you.
Speaker Change: Please note the following.
Speaker Change: Certain statements in this presentation may constitute forward looking statements within the meaning of the private Securities Litigation Reform Act.
Speaker Change: These statements are based on management's current expectations and are subject to uncertainty and changes.
Speaker Change: Yeah.
Speaker Change: Actual results may differ materially from those included in these statements due to a variety of factors including weather.
You go back to develop and manufacture its product candidates with the desired characteristics in a timely manner and such products will be safe for human use.
Speaker Change: Baxter's vaccines will effectively prevent targeted infections in humans.
Speaker Change: <unk> product candidates will receive regulatory approvals necessary to be licensed and marketed.
Speaker Change: Geovax raises required capital to complete development of its products.
Speaker Change: There was development of competitive products that may be more effective are easier to use and <unk> products.
Speaker Change: G box will be able to enter into a favorable manufacturing and distribution agreements.
Speaker Change: Other factors over which Geovax has no control.
Speaker Change: If you go back and assumes no obligation to update these forward looking statements and does not intend to do so.
Speaker Change: More information about these factors is contained in Geovax filings with Securities and Exchange Commission, including those set forth at risk factors in <unk> Form 10-K.
Speaker Change: It is now my pleasure to introduce the chairman and CEO of <unk> David Dodd.
Speaker Change: Thank you.
Speaker Change: Welcome to the first quarter 2025, <unk> corporate update call.
Speaker Change: Following my comments Mark Reynolds, our CFO will provide an update of our financials and then we will address any questions that you may have.
Speaker Change: We remain confident in our continued progress and compelling outlook for our portfolio of GL CMO Forsworn J O N V. A good depth and the advanced N V a manufacturing process.
Speaker Change: Each of our product development candidates address is critically important unmet health care needs, providing opportunities for expedited registration paths and strong opportunities to commercialize differentiated solutions supporting patient needs worldwide.
We also anticipate that the advanced MBA manufacturing process will provide a game.
Speaker Change: And production of MVA based vaccines and therapies.
Speaker Change: We also wish to welcome Dr. Cynthia Reagan Nathan <unk>, our vice President of technical development and the CMC operations, joining our team that got our transition to the next phase for registration and commercialization of our exciting portfolio.
Speaker Change: Before going any further let me first address the recent project Nextgen stop work order.
Speaker Change: Following the close of the first quarter on April 11th we unexpectedly received the stop work order no. This relative to the border project Nexgen program.
Speaker Change: The notice indicated that BARDA has decided to terminate the contract for convenience to the government pursuant to the terms of the project agreement we.
Speaker Change: We can only assume this relates to the ongoing government efficiency efforts.
Speaker Change: We had no prior indications that the notice was forthcoming and were surprised by the level. This is both the GFX internal team our external contractors and consultants, we're making good progress and had a very good productive working relationship with the technical payment bar.
Speaker Change: The termination no way implies any concerns as to the safety or efficacy of GL CMO fourth one or the underlying M. B a vaccine vector technology, nor will the termination impact the ongoing phase II clinical trials of <unk> for us one primarily investigating our vaccine and immune.
Speaker Change: Compromised patient populations.
Speaker Change: The funding from BARDA pursuant to the project agreement was mostly earmark for incremental spending with a large portion going directly to the external clinical research organization to conduct a clinical trial given.
Speaker Change: Given the structure of the award the financial impact that you get back is estimated at less than $750000 annually toward reimbursement of existing personnel and overhead costs. As a result, we don't anticipate any significant changes to our ongoing operation.
Speaker Change: The decision by BARDA to terminate our contract is very disappointing to GFS.
Speaker Change: And our stakeholders.
Speaker Change: However, we remain committed to CMO for US one is a critically needed next generation multi antigen COVID-19 vaccine provided the potential for a more robust immune response against emerging variants improve durability versus the first generation single antigen COVID-19 vaccine.
Speaker Change: And especially in addressing the immune protection among those patients with compromised immune system.
Speaker Change: During the Q&A session. We welcome the opportunity to address any further questions that you may have.
Speaker Change: Our current CMO for US one studies will continue, especially our focus on achieving the completion of the investigator initiated phase II trial.
Speaker Change: Among chronic lymphocytic leukemia patients what are the highest risk group and the need of reducing the risk of severe infection hospitalization risk of death coming from COVID-19.
Speaker Change: Demonstrating the potential superior value a CMO fourth one among immuno compromised patients remains our focus for the development of differentiation from the FERC generation and other single antigen focused COVID-19 vaccine.
Speaker Change: A medical need for a COVID-19 vaccine such as CMO fourth one is substantial given that we estimate over 40 million adults in the United States have medical condition rendering their immune systems inadequately responsive to the first generation and other single antigen vaccine.
Speaker Change: Worldwide, we estimate over 400 million in such risk and.
Speaker Change: In addition, we believe the CMO of course, one provides the potential for a better booster for the first generation single antigen vaccine.
Speaker Change: During 2025, we anticipate multiple presentations of clinical results for <unk>, including the World vaccine Congress presentation last week in addition.
Speaker Change: Presentations are scheduled for the European Hematology Association.
Speaker Change: International workshop on chronic lymphocytic leukemia, the American Association of Immunologist, the Keystone Vaccinology and a different additional conferences underscoring the important potential medical value of this unique next generation COVID-19 vaccine. These.
Speaker Change: These presentations will undoubtedly also serve as important catalysts for ongoing strategic partnership discussions.
Speaker Change: Relative to G O N V. A R vaccine candidate against imports in smallpox, we recently completed cgmp production quality release of the clinical batch of vaccine material.
Speaker Change: Anticipate having vaccine available for clinical evaluation later this year.
Speaker Change: We're pleased to state that we have produced sufficient amount of product to support the anticipated clinical evaluation as well as additional product in support of additional clinical use in conjunction with various stakeholder discussions that we have under way.
Speaker Change: We believe that Geo NVA provides the protest at the end of the current monopoly NBA vaccine supply expanding the global supply of this critically needed vaccine addressing both the needs, resulting from epidemic outbreaks as well as the various stockpile opportunities worldwide over the remainder of 2025, we look forward.
Speaker Change: Providing additional updates on our progress with this vaccine.
Relative to our plans for a phase II good depth in trial in head and neck cancer. The clinical operations plans are underway as we complete the necessary regulatory aspect with product manufacturing in support of the trial.
Speaker Change: Just this week Dr. Mark pipe as presented at the ACR meeting in Chicago, reviewing the clinical results, thus far and our plans for the phase II study.
Speaker Change: In addition to the upcoming Phase II trial. We also plan additional studies of good depth in addressing other solid tumors beyond head and neck cancer, we believe that the depth and has the potential to address multiple solid tumor, especially via combination therapy, providing significant value long term.
Speaker Change: Overall, our goal is successfully developed innovative cancer therapies and infectious disease vaccine addressing critically important unmet medical needs, but certainly the initial indication of the support expedited registration pathways, we anticipate establishing business partnerships and collaborations and <unk>.
Speaker Change: The worldwide development commercialization and distribution of our portfolio of products.
Speaker Change: Our priorities and anticipated milestones for 2025, we remain focused on.
Speaker Change: One our first advancing GL CMO forest, one for immune compromised populations.
Speaker Change: Currently advancing GL MBA the clinical evaluation.
Speaker Change: Note the significant governmental interest exists relative to the U S based supply chain versus the current overdependence on non U S suppliers.
Speaker Change: Strong sentiment in favor of such Onshoring initiative remains a major national legislative focus of it.
Speaker Change: We remain in active discussions and briefings with various stakeholders such as the White House Congressional Representatives HHS BARDA W. Eight, though the Acura CDC and others regarding our having produced a cgmp clinical batch of GL in the vaccine plan for use in the upcoming clinical study as well.
Speaker Change: There's other potential users.
Speaker Change: In fact, <unk> and other stakeholders have underscored the critical need for expanded in pox vaccine supply as a priority for <unk> and other public health agencies worldwide Lastly, our focus on oncology specifically related to good depth and is a major priority for the future of gear that we.
Speaker Change: We have high expectations for a potential broad utilization of adapting against various solid tumors, especially in combination with immune checkpoint inhibitors.
Speaker Change: We continue to progress toward the patients of our phase II study to evaluate <unk> in combination with immune checkpoint inhibitor among patients with locally recurrent head and neck squamous cell carcinomas following primary therapy, and for whom resection with characters.
Speaker Change: As planned.
Speaker Change: Our clinical operations plan for this trial as I mentioned are coming together nicely along with the regulatory aspects of necessary product manufacturing in support of the phase III study.
Speaker Change: As I previously noted this week Dr. <unk> provided an overview of good definitely at the American Association of Cancer Research. In addition, we're planning various animal validation studies further building a compelling basis of the potential value of good depth in addressing various solid tumors.
Speaker Change: Overall, we're confident that we're on a course that will build significant shareholder and stakeholder value, while delivering critically important differentiated products that improve lives worldwide.
Speaker Change: Now I'd like to turn the presentation over to Mark rentals give ex Chief Financial Officer for a review of our recent results of financial status Mark.
Mark Rentals: Thank you David the details of our first quarter 2025 financial results are summarized in today's press release I'll start My review with our income statement.
Mark Rentals: Revenues associated with the BARDA contract were $1 6 million in 2025 versus zero in 2024.
Mark Rentals: Contract began during June of last year.
Mark Rentals: As David mentioned, we received a stop work order from BARDA in April with the expectation that contract is to be terminated.
Mark Rentals: So there will be a final settlement amount built to BARDA. During Q2 of this year and then nothing more going forward.
Mark Rentals: But as a reminder, this is a cost reimbursement contract with the vast majority of the contract earmarked for new incremental spending so the net financial impact to <unk> is expected to be less than $750000 annually for our billable personnel time and overhead research and development expenses were $5 4 million in 2012.
Mark Rentals: These five versus $4 4 million in 2024, representing an increase of roughly $1 million or 21%.
Mark Rentals: The increased during 25 is primarily related to costs associated with the BARDA contract as well as our <unk> and <unk> and VA programs. These costs were partially offset by lower costs related to the CMO for us one clinical trials.
Mark Rentals: Administrative expenses were $1 7 million in 2025 versus $1 $5 million in 2024, representing an increase of 200000 or 16% associated with higher investor relations consulting cost and stock based compensation expense.
Mark Rentals: Interest income was 47000 in 2025 compared with 33000 in 2024.
Mark Rentals: So overall net loss for the first quarter of 2025 was approximately $5 4 million or <unk> 45 per share versus $5 9 million in 2024 or $2 47 per share.
Mark Rentals: Turning now to the balance sheet, our cash balances at March 31 were $7 4 million as compared to $5 5 million at December 31.
Mark Rentals: Reflective of $6 million used in operating activities offset by $7 9 million.
Mark Rentals: <unk> transactions, our outstanding common shares currently stand at $15 2 million following our recent financing activity.
Mark Rentals: Including the ongoing CMO forest, one clinical trials continues to be a top priority for us in terms of our operational focus. These trials were unaffected by the BARDA stop work order. We also expect to accelerate our plans for clinical trials associated with the GE Aero MDA and good depth in programs supporting the.
Mark Rentals: These clinical programs will be the most significant use of our cash in the foreseeable future.
Mark Rentals: We continue to explore various strategies to fund our development programs through several valuation inflexion points and to extend our cash runway. These could come in and formed strategic partnerships non dilutive funding and additional offerings of our common stock.
Speaker Change: I'll be happy to answer any questions during the Q&A and now I will turn the call back over to Dave.
Dave: Thank you Mark My colleagues and I will now answer your questions joining us for the Q&A session are doctors, Mark Newman, Kelly Mckee and John Sharkey, Our Chief Scientific Officer, Chief Medical Officer, and Vice President business development, respectively. I will now turn the call over to the operator for instructions on the question and answer period.
Dave: Thank you we will now begin the question and answer session to ask a question.
Speaker Change: You May press Star one on your telephone keypad, if youre using a speakerphone. Please pick up your handset before pressing the keys.
Speaker Change: Your question. Please press star one again at this time, we will pause momentarily to assemble our roster.
James Molloy: And our first question comes from James Molloy with Alliance Global Partners. Your line is open.
James Molloy: Hey, guys. Thank you very much for taking my question.
James Molloy: I wanted to try to address that I'm sure you saw that backs out recently that their hold lifted I was wonder if you could talk a little bit about about that if any compare contrast, potentially between their program Youre program as it did a hopeful sign for potentially.
James Molloy: Change in the thinking of administration with desktop software quarter.
James Molloy: Hey, Jim. Thank you this is David and I'll be happy to address that there are some.
James Molloy: Some distinct differences between their program and ours first of all <unk> had already dosed 400 patients. If you may you may recall that so they had a 400 patient Sentinel group out of the 10000.
Speaker Change: That was what was halted.
James Molloy: In February they received notice I believe it was February 20 <unk>.
James Molloy: And so the situations. They had was you had a group of patients out there already dose. This was also true with another company, which is a private company that had just started their clinical trial. There are actually two such holds issued backstopped four quarter that in February.
James Molloy: One we know much more about because public company. That's back start so the challenge that they had and that the government had as you've got.
James Molloy: Simple crowd, who have been dosed and you can't just leave them out there necessarily.
James Molloy: Without doing something and so they took the time they evaluated that you may recall that stop work order indicated there would be a 90 day pause in which the government would review the situation and get back by the end of the 90 days that would have been around the 20th thereabouts of Mei.
James Molloy: As it was the termination was made to then reinstitute and start that program over so I just want to underscore that.
James Molloy: In the case of two of the companies of the six of the six vaccines that we're in project Nextgen.
James Molloy: Two of them are already dosing patients and both of them were received a stop work order.
James Molloy: At least one of them that we know about because they've made the public disclosure as.
James Molloy: It has been lifted and they'll didn't go forward.
James Molloy: Also point out that of the six vaccines that had been.
James Molloy: Given the project Nextgen awards of those.
James Molloy: You had backs are the other private company castle backs as a private company. It remains on the stop work order as we do and also you had grit stone, which ended up filing bankruptcy. So it's no longer in the program. The only one in which there's little information that we've been able and others have been able part is coded <unk>, which.
James Molloy: Again.
James Molloy: Private company, so it's hard to find out what.
James Molloy: I would not.
James Molloy: Try to guide anyone on what to read into this we posted our statement on our website I commented some today we believe.
James Molloy: Some element of government efficiency, because there were no negative reasons that we could determine or that were conveyed to us.
James Molloy: Why the stop work order occurred of course, we have seen the announcement.
James Molloy: $500 million corn from BARDA now for our work towards a universal influenza vaccine in our universe virtual coronavirus vaccine.
James Molloy: We don't know.
James Molloy: He came from what was in our award or what I would point out that in September of 2023, <unk> insights was a very well received publication from our R&D team of the Universal a corona virus vaccine and certainly we have been positioning that and more recently there was a.
James Molloy: Publication in vaccines peer reviewed journal of a multi antigen a couple of additional comp structure. We have that are multi outages that there could be candidates for universe or pan coronavirus vaccine. So I would just leave it at that but I can't really guide you on what to read into this.
James Molloy: We made our announcement all we know is what has been communicated to us.
James Molloy: We're focused on running the company and not trying to read too much into convinced that may happen, but I hope that helped answer. Your question. If you have any follow up just go ahead and ask that.
James Molloy: No absolutely of course.
James Molloy: Let's see what happens maybe just.
Speaker Change: Just one quick comment as well on the recent comments by the head of HHS about.
Speaker Change: People control vaccine trials does that impact you.
Speaker Change: Your thoughts of your trials going forward any change the design or you'll see that even comes to pass.
Speaker Change: Well, we have we have three phase III trials underway.
Speaker Change: One has been completed which is the healthy volunteers, where we're evaluating two different doses of <unk> vaccine.
Speaker Change: Among healthy adults, who had previously been bitter.
Speaker Change: Vaccinate with mrna vaccine.
Speaker Change: Those results the readout, we believe will be around the middle of thereabouts of June that's what the statistician is telling us they told US other dates previously, but theyre crunching it out.
Speaker Change: We're getting there so we hope to be making announcement within before the end of next month. So that would be there we have the CML trial, which we announced a very promising and encouraging results in November that was the.
Speaker Change: The randomized comparison of our vaccine to the Pfizer vaccine amongst PLL patients you may recall that the.
Speaker Change: The interim review.
Speaker Change: Pfizer arm did not meet its important it was subsequently halted all the recommendation of the data safety monitoring board.
Speaker Change: The study continues its an investigator initiated study it continues towards completion I think there remains about.
Speaker Change: Approximately 44 more patients to complete that trial, we're hoping they will be completed.
Speaker Change: Yet this year again, we don't it's not our sponsored studies, so we have less control and influence over it but we work as close as we can with the investigator that's one that we believe demonstrates very.
Speaker Change: Nicely and encouragingly that our vaccine is.
Speaker Change: There is apparently doing something which we would like to see that it's doing.
Speaker Change: <unk> value to patients with compromised immune systems.
Speaker Change: We're not seeing that being validated.
Speaker Change: In various studies, but certainly in this in this study and then we have the immune hematologic cancer patients who are being prepped for stem cell transplantation or car T therapy in that study continues to enroll patients in the preliminary data that has been coming out including what was presented last week at the World vaccine Congress.
Speaker Change: Well continue to be very encouraging on that that's also a randomized comparison that this case between our between our vaccine and the mrna vaccines so patients with it.
Speaker Change: Other than the non <unk> arm are either receiving.
Speaker Change: Pfizer or <unk>.
Speaker Change: So we were looking and monitoring the state months.
Speaker Change: Certainly we saw a recent state what the secretary of HHS came out.
Speaker Change: Catering is preference for multi antigen vaccines.
Speaker Change: <unk> single antigen vaccine related too.
Speaker Change: To use within certain infectious disease categories. We obviously believe very strongly that there is a.
Speaker Change: Enhanced value by a multi antigen vaccine.
Speaker Change: I'll also point out that we do have an active <unk>.
Speaker Change: BARDA proposal for moving forward with our advanced and VA based manufacturing process that.
Speaker Change: That was deemed worthy we received notice that was deemed worthy of funding by BARDA, but right now they've made no awards because of.
Speaker Change: Funding.
Speaker Change: Funding.
Speaker Change: And considerations are all that are going on but they have.
Speaker Change: They have indicated and some proposals that were not acceptable hours has been placed into a two year basket for funding as the money becomes available and we're quite encouraged and excited about that also so we remain with our MBA vaccines CMO fourth one as well as our overall MBA.
Speaker Change: Advanced MBA manufacturing process in our dealings with the government.
Speaker Change: We remain optimistic and very positive in that regard.
David Dodd: Alright, Thank you David suddenly a lot of moving parts I appreciate your input.
Speaker Change: Sure.
Speaker Change: Thank you again, if you have a question. Please press star one one.
Speaker Change: Our next question comes from Robert Leboyer with Noble capital markets. Your line is open.
Robert Leboyer: Good afternoon, and based on the upcoming results in the healthy volunteers trial.
Speaker Change: What are you thinking in terms of the next steps for trial in terms of size.
Speaker Change: Funding and length of trial, any any thoughts or guidance that you can share with us.
Speaker Change: Sure our focus is not primarily on otherwise healthy individuals.
Speaker Change: Always been focused on.
Speaker Change: On the immuno compromised populations.
Speaker Change: The simple reason that the.
Speaker Change: These are individuals who do not respond to antibody stimulation.
Speaker Change: Which is the basis or the target for the single antigen vaccines those that are authorized as well as others in development and we believe that this provides us.
Speaker Change: In the case of unites states nearly 40 plus million population that currently remain in a pandemic state because they don't respond to the current to the current.
Speaker Change: Vaccines either the.
Speaker Change: Mrna is are the protein adjuvant.
Speaker Change: So we continue to feel very strongly that this is.
Speaker Change: Ideal point of differentiation for fulfilling an unmet medical need and making a real difference and so our goal has never been to go further with towards registration and a healthy volunteer population one it require a much larger type of clinical trial, if youre hearing in discussions with them.
Speaker Change: Current vaccines know abaxis.
Speaker Change: Example of going after that population. So it's looking for taking market share away from Pfizer Madura, we've always looked at it is we would be creating.
Speaker Change: A new sub market because it is currently not being addressed so we would have the opportunity for a leadership position in there. We believe that by this trial it would give us some good indication of data that would be reflective of how our vaccine.
Speaker Change: <unk> operates within an otherwise healthy population that was also our focus for project Nexgen, we were not looking to go forward. After doing 10000 patients 5000, each job and doing a much larger study in otherwise healthy volunteers it would've generated for us a very strong data.
Speaker Change: Base of how our vaccine works in otherwise healthy individuals, which would then be the basis for comparison of how our vaccine works in otherwise healthy patients versus immuno compromised population to be at C. L. L patients be it people with renal disease whatever the target audience was so that's how we're looking for.
Speaker Change: Our focus going forward is going to be.
Speaker Change: A couple of fold one is going to be to look at the results that come out of the current investigator initiated.
Speaker Change: Ah trial for CLI patients.
Speaker Change: The results of that trial.
Speaker Change: While our continue to be encouraging that we'll look at doing an expanded trial that it'll be a company sponsored trial that would feed into adult <unk> that would be <unk>.
Speaker Change: <unk> four.
Speaker Change: For registration, we will also utilize that as a as an initial entry point of discussion for expedited review with regulatory authorities because there is nothing else for these patients from a vaccine standpoint. So that's our general approach of developing CMO for US one is around the immuno compromised looking.
Speaker Change: And fulfilling the opportunities where patients otherwise do not have a vaccine to help prevent and remember that our vaccine has shown much more robust in terms of protection against variance. If you recall, we've demonstrated protective immunity from the original Wuhan strengthen the omicron SBB one five.
Speaker Change: Having to reconfigure that in and of itself is a major deficiency and thats part of the problem that <unk> is dealing with is they're being asked to do a full clinical trial to show that.
Speaker Change: Updated construct is worthy of signing off by the FDA and what the FDA would not be FDA. What HHS is really looking for is they reiterated in the announcement about the universal one is something that works across multiple I'll call multiple generations of variances so far the only <unk>.
Speaker Change: <unk>, we've seen that has consistently shown that has been.
Speaker Change: Do you see them.
Speaker Change: So for us once so that's where our focus is and where we think we will have a major difference by taking the approach we have a multi antigen approach targeting and applying it to populations.
Speaker Change: For whom current existing vaccines, they all happen to be single antigen or simply inadequate.
Speaker Change: Okay. Thank you very much.
Speaker Change: Thank you.
Speaker Change: I appreciate your interest.
Jeffrey Cross: Thank you. Our next question comes from Jeffrey Cross with Crystal Research Associates. Your line is open.
Jeffrey Cross: Thank you very much Dave.
Jeffrey Cross: David several of my questions were answered, but two remaining questions.
Jeffrey Cross: I haven't seen anything contrary to your balance safety and efficacy with your impacts vaccine that is you haven't seen any of the challenges and the complications that people are seeing with the myocarditis encephalitis or other complications correct.
Jeffrey Cross: No not at all.
Jeffrey Cross: Hey.
Speaker Change: It was developed in the late sixties early seventies, specifically to be utilized among people, who have compromised immune systems pregnant women and children and the fact that it does not replicate.
Speaker Change: Humans are.
Speaker Change: Mammals, but the solid tumors.
Speaker Change: It's been recognized for being exquisitely safe and that's one thing you can count on with MVA, It's always been shown to be extremely safe.
Speaker Change: We've mentioned in the past that we received an exemption from the day to to not have to do the animal toxicology studies, because with MVA is recognized for its safety by regulatory authorities worldwide. So one thing that most people recognize with MBA has always been its safety because it was specific.
Speaker Change: <unk> developed.
Speaker Change: Patients for whom the traditional vaccine here was contra indicated we would not have been able the world would not have been able to rid itself of smallpox otherwise. So we feel very very strongly about that though the challenge with MVA and the hurdle has always been the complicated cumbersome manufacturing process because its very slowest.
Speaker Change: Very cumbersome and Thats, why typically products or stockpile, but thats why we went forward for five plus years ago towards this advanced MBA manufacturing process, which now we have in process development, but we have not seen those types of side effects.
Speaker Change: Any of our NBA based products.
Speaker Change: Great.
Speaker Change: Is helpful. Because the rumor mill out there of course runs wild with both of those issues. So thankful. Thank you for confirming what what our beliefs were the second question relates around the.
Speaker Change: Backbone vaccine manufacturing you indicated in the call here that obviously, there is a move underway to sort of move from having vaccines and all the construction vaccines manufactured outside this country as many of the.
Speaker Change: Basis are in China, right now are you receiving support or indications of support in your conversations with the government for having a.
Speaker Change: U S based manufacturing piece I would think that would be something that they.
Speaker Change: They are involved and I know you brought up BARDA and you said funding. It's all halted right now on that construct but would you expect.
Speaker Change: Significant movement there given your.
Speaker Change: Proclivity for manufacturing here.
Speaker Change: Well everybody right now there is not a in VA manufacturer our contract CMO manufacturer in the United States. So if youre doing MDA you have to go and that's why we're working with Oxford biomedical and the manufacturing for US right now is being done.
Speaker Change: Outside the U S and France specific.
Speaker Change: Helping this new method and all and our relationship with Oxford Biomedical we would anticipate as we go forward with the.
Speaker Change: With the advanced MBA manufacturing that that will be manufactured in the United States and we do as I mentioned, we submitted a proposal a little over a year ago when that RFP came out from from Florida, They've made no awards on it but we recently were informed that that hour.
Speaker Change: Our proposal was deemed appropriate funding passed the mustard, there and it's been placed in a.
Speaker Change: Two year, so when they call it basket so that as funding they may occur and come forward and of course that'll be competing with whatever.
Speaker Change: Whatever alternative options people are looking at this and that utilize the funding from the government.
Speaker Change: We discuss this with legislators.
Speaker Change: With Congressman with Representatives, our Senator we discuss it with other representatives on one that would have an interest in that so we believe that we will migrate towards would be U S based manufacturing of our MVA based vaccines.
Speaker Change: <unk>.
Speaker Change: I've been asked by a couple of.
Speaker Change: Let's say stakeholders, what would it take to go even faster and the answer is very simple.
Speaker Change: Our balance sheet drives that and I, usually point out to them that I am having to sit across happened to be sitting across from a person that could make a difference there.
Speaker Change: Those discussions so far no one has handed me a check but so far I handed us objective, but so far those discussions continue.
Speaker Change: Next I'll be briefing people in Washington business C. D C legislator their staffs et cetera, and decision makers influencers and all of that so I'll be doing that both as part of a group and as well as individually. So we continue to go forward with that because our commitment is to establish U S based.
Speaker Change: Manufacturing, even if it's using a CMO and thats what were working toward with our relationship.
Speaker Change: With OXXO biomedical.
David Dodd: Perfect. Thank you very much David Youre welcome. Thank you.
David Dodd: Thank you. This concludes our question and answer session I would like to turn the conference back over to David Dodd for any closing remarks alright.
David Dodd: Alright. Thank you everyone really appreciate your interest.
David Dodd: Let me just say that.
David Dodd: As always I'd like to acknowledge the ongoing support and thank our board of directors, and our advisers and especially our staff and the many others either consultants contractors, but there are many other parties, who continue to support us towards achieving the success. We believe that we have underway here.
David Dodd: Indeed remain committed to providing meaningful career development opportunities for what we consider highly competitive quality oriented individuals who want to be part of the disruption of the current paradigm of cancer therapies and infectious disease vaccine and we're most proud and appreciative of our team, including those external partners.
David Dodd: They are dedicated to us they are supportive of us in that part of our ongoing success. So for those of you who have taken the time to participate in this we especially want to thank you because you're not only you're interested.
David Dodd: Sometimes you may have been assigned to listen to this broadcast but we know that you are sincere you will give us good counsel guidance and we appreciate that this lastly, I would just underscore that our our overriding goal is to drive products through.
David Dodd: The registration point to improve lives worldwide through these efforts and especially in these two areas. So with that I look forward to keeping you updated hopefully in between the next call, but also at the next call. So thank you and have a wonderful day.
Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Speaker Change: [music].
Speaker Change: