Vaxcyte (PCVX) 2025 Conference Transcript

Summary of the Conference Call Company Overview - The conference featured Backside, a biotech company focusing on pneumococcal vaccines, with key executives including CEO Grant, CFO Andrew, and COO Jim participating in the discussion [1][2]. Recent Updates - Backside disclosed positive clinical data for its 24-valent vaccine in infants in March, which has been confirmed by external experts [4][5]. - The company is preparing to start its Phase III adult VAX-31 vaccine trial by mid-year, with a focus on non-inferiority immunogenicity as the primary study endpoint [9][10]. Market Insights - The adult pneumococcal conjugate vaccine (PCV) market is valued at $8 billion, with the adult segment currently comprising 15-20% of sales but expected to grow significantly due to recent regulatory changes [14][15]. - The U.S. has expanded its vaccination mandate to include adults aged 50 and above, increasing the addressable population by 65 million [15][16]. Competitive Landscape - Backside is the first company to take a 30+ valent vaccine into clinical trials, positioning itself as a leader in the market [49]. - Competitors like Pfizer, GSK, and Merck are attempting to catch up by developing their own higher-valent vaccines [49][50]. Vaccine Development and Technology - Backside's VAX-31 program aims to achieve over 90% coverage compared to the current standard of care, Prevnar 20, which offers around 69% coverage [31][36]. - The company has demonstrated a unique ability to avoid carrier suppression, allowing for better immune responses with higher doses [19][45]. Regulatory Environment - The FDA has shown consistent support for science-driven vaccine development, and Backside has maintained positive interactions with the agency despite leadership changes [6][11]. - The FDA considers the totality of data, including the magnitude of immune responses and the prevalence of circulating diseases, when evaluating vaccine efficacy [35][38]. Financial Position - Backside reported having nearly $3 billion in cash, which is expected to fund all upcoming Phase III studies and important Phase II readouts [52][53]. - The company is reviewing its capital allocation strategy to enhance its financial position and extend its cash runway [53]. Key Upcoming Events - The next significant data readout for the VAX-24 program is expected by the end of the year, which will provide further insights into the vaccine's efficacy [22][30]. - The VAX-31 program is anticipated to yield data next year, which is critical for the company's future development plans [30][31]. Conclusion - Backside is well-positioned in the pneumococcal vaccine market with promising clinical data, a strong financial position, and a clear strategy for future growth and regulatory engagement [52][53].