Eric

Eric asked about the expectations for the Group A Streptococcus (VAX-A1) program, including development plans, accepted immunogenicity standards, and the likelihood of an efficacy trial for Phase 3 submission.

Answer

Grant Pickering, CEO of Vaxcyte, expressed excitement about resuming VAX-A1 development. Jim Wassil, EVP and COO, outlined plans to start with an adult Phase 1 study assessing safety and immunogenicity (IGA and IgG in serum and saliva). He noted there's no correlate of protection but a small study could provide early proof of concept before Phase 3.

Eric asked about expectations for the Group A Streptococcus (VAX-A1) Phase 1 study, including development plans, immunogenicity standards, and the likelihood of an efficacy trial for Phase 3 submission.

Answer

Grant Pickering, CEO of Vaxcyte, expressed excitement for VAX-A1's blockbuster potential. Jim Wassil, EVP and COO, detailed plans for an adult Phase 1 study assessing safety and immunogenicity (IgA and IgG in serum/saliva), noting no correlate of protection exists. He mentioned the possibility of a small proof-of-concept study before Phase 3.

Eric from Bank of America, on for Ebrahim Poonawala, followed up on the expense guidance in relation to fee income trends, particularly the Average Daily Revenue (ADR). He also asked about the company's plans for its remaining share repurchase authorization, given the different market dynamics compared to the first quarter.

Answer

Senior EVP & CFO Hope Dmuchowski explained that fee income was down due to the yield curve's impact on FHN Financial's ADR. She noted Q3 expenses will see seasonal increases from marketing and the amortization of completed tech projects. On buybacks, she stated that future activity is highly dependent on loan growth, explaining that repurchases were paused in May as loan pipelines strengthened, but she expects to use more of the authorization if loan growth is moderate.

Speaking on behalf of Jordan Bender, the analyst asked the new interim CFO about any potential changes he plans to make from a financial perspective and inquired about the company's progress in new regulated markets and potential opportunities in places like New Zealand.

Answer

The interim CFO is focused on strengthening the balance sheet to provide financial flexibility for potential investments or M&A. The company confirmed it has entered Peru, is active in Brazil, and is optimistic about future opportunities in new jurisdictions like New Zealand, aiming to be a first-mover as it was in the Netherlands.