IMV Inc. (NASDAQ:IMV) Q4 2022 Earnings Call Transcript

Andrew Hall: And it’s two excellent questions, as always, Joe. Thanks for that. The first answer of the question with respect to supply of what we’re now considering is going to be commercial product. We’re very well evolved. We actually switched our CDMO in the 2022 horizon to make sure that we were well set for commercial supply, understanding that the ovarian study, whilst staged is, in effect, designed as being registrational. So as we are thinking about building out supply for the clinical studies today, but then the extension trials that will be registrational, we’re in a very good position with respect to the supply of commercial product. With respect to the strategic optionality, so this is €“ we’re not unique in this situation.

The trials that we are doing as they get closer to being registration become more expensive. We’ve seen the capital availability for small cap companies being limited. And I think we are prudently now saying maybe the best path forward for this organization is in formal collaboration combination. The thing we want to make sure we’re preserving. The drug works. A lot of companies fail clinical programs and are forced into strategic options. That’s not where we’re at. We’re in a situation where the drug is actually working, and we want to make sure it gets to market, not just for patients and not just for the better therapies for cancer, but for IMV shareholders. There has been an amount of time and money invested in, I believe, what is going to be a platform that is really foundationally important to this whole therapeutic field.

We’ve got to give it the best chance possible and that is very likely in a formalized collaboration. Now the exact mechanics and details of what that collaboration is going to be, Joe, I can’t talk to, but these aren’t conversations that we started yesterday. This is an evolution of that. And the reason we elected to work with Stonegate is we have been working with these guys for now over a year in conversations as they related to sort of platform-based strategic business development, other business development, we are just formalizing that we are very much in the market for that and looking to accelerate that as we wade through this challenging market.

Joe Pantginis: Appreciate the color Andrew. Thank you.

Andrew Hall: Thanks Joe.

Operator: Thank you. Our next question comes from the line of Brandon Folkes with Cantor Fitzgerald. Your line is now open.

Andrew Hall: Hi Brandon.

Brandon Folkes: Hi. Thanks for taking the questions and thank you. Hey. Good morning. So, maybe just two from me. Can you just talk about the feedback you have had post the VITALIZE February data disclosure from perhaps corporates and strategics? And then staying on that data set, anything you can say about the two out of the eight patients not staying on study through the first scan? Was that sort of an anomaly within those first eight patients, or is that sort of something we should consider as we see these study patients coming through? And then obviously patients going to be bit available patients or just study patients enrolled? Thank you.

Andrew Hall: And let me ask a question €“ but we will answer the question backwards, and I will have €“ I will give Jeremy full permission to give the details as to why those two patients were excluded. And I know it wasn’t part of our disclosures, and we may have to do some additional filings ready for this, but I apologize. Jeremy, do you want to talk about those two patients and why they were not included in scanning. I want to make sure we give everyone confidence that this wasn’t IMV sort of cherry picking and manipulating data, which is some of the concerns I know our shareholders express. Jeremy, do you want to talk about those patients and why we consider them to be replaceable in the protocol?