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    Tom Shrader

    Managing Director and Healthcare Analyst at BTIG

    Thomas Shrader is a Managing Director and Healthcare Analyst at BTIG, specializing in biotechnology equity research with a focus on large- and smidcap companies. He actively covers firms such as Biogen (BIIB), Harrow Inc, Arcturus Therapeutics, and Alector Inc, having provided equity ratings across a portfolio of 86 stocks with a recorded success rate of approximately 33% and average returns per transaction around -1.5% according to TipRanks. Shrader began his research analyst career after serving on the Biochemistry Faculty at Albert Einstein College of Medicine, then joined Stifel before moving to BTIG; his education includes a BA from Johns Hopkins, a PhD from Yale, and a Helen Hay Whitney Fellowship at MIT. He holds both CFA and PhD credentials, strengthening his expertise in biotechnology investment research.

    Tom Shrader's questions to NOVAVAX (NVAX) leadership

    Tom Shrader's questions to NOVAVAX (NVAX) leadership • Q2 2025

    Question

    Tom Shrader of BTIG asked if the 2027 profitability target assumes flat worldwide COVID-19 vaccine usage. He also questioned the scientific feasibility of developing a multi-year influenza vaccine given constant strain drift.

    Answer

    EVP, CFO & Treasurer Jim Kelly clarified that the path to profitability by 2027 is not dependent on a single assumption but can be achieved through multiple avenues, including COVID vaccine royalties, milestones from the CIC/flu combo vaccine, or new collaborations, all supported by a leaner cost structure. EVP, Head of Research & Development Ruxandra Draghia-Akli explained that while a true multi-year universal flu vaccine remains an elusive goal, Novavax's technology shows promise for broader and more durable protection within a single season, which would be a significant scientific advance.

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    Tom Shrader's questions to NRX Pharmaceuticals (NRXP) leadership

    Tom Shrader's questions to NRX Pharmaceuticals (NRXP) leadership • Q4 2024

    Question

    Inquired about the nature of clinic acquisitions in Florida and the regulatory process of filing both an ANDA and an NDA for ketamine at the same time.

    Answer

    Clinic acquisitions are expected to be 'chunky,' meaning they will generally involve more than one clinic at a time. Regarding the dual filings, the NDA is for the psychiatry division to add new indications (depression, suicidality), while the ANDA is to offer a preservative-free version of the already generic drug for its existing indications. The same manufacturing data package can be used for both applications.

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    Tom Shrader's questions to Esperion Therapeutics (ESPR) leadership

    Tom Shrader's questions to Esperion Therapeutics (ESPR) leadership • Q4 2024

    Question

    Asked about the opportunity to leverage their sales force for other companies' products and for a historical parallel (Merck's ZETIA combo) to understand the growth potential of their new triple combination.

    Answer

    The company sees a significant opportunity in leveraging its commercial infrastructure for other assets. They cited the success of combination therapies in Europe and the growing acceptance of the 'polypill' strategy as strong indicators for the potential of their triple combo, which market research supports.

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    Tom Shrader's questions to Esperion Therapeutics (ESPR) leadership • Q3 2024

    Question

    Asked about the Medicare negotiation process, specifically if achieving preferred status involves hard negotiations, the average co-pay for Medicare versus commercial patients, and whether the initial payer agreement is critical for setting long-term co-pays.

    Answer

    Executives explained that achieving preferred status in Medicare was crucial and has lowered the average patient co-pay to around $45, down from over $150. Commercial co-pays are around $25 with a co-pay card. They highlighted that payers implemented these favorable changes unusually quickly, reflecting the product's strong clinical data and securing a competitive market access position.

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    Tom Shrader's questions to Alector (ALEC) leadership

    Tom Shrader's questions to Alector (ALEC) leadership • Q4 2024

    Question

    Questioned the company's decision to use fRNA over the more common ASOs for its nucleic acid therapies. Also inquired about the potential for the blood-brain barrier shuttle technology to be part of M&A or out-licensing deals for non-dilutive funding.

    Answer

    The company believes fRNA is an emerging technology with potential advantages in efficacy and safety over ASOs, and they will have more data in the coming months. Regarding business development, there is significant inbound interest in their versatile ABC platform, and they see it as a valuable asset for potential partnerships, as few companies have mature blood-brain barrier technology.

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    Tom Shrader's questions to Vaxcyte (PCVX) leadership

    Tom Shrader's questions to Vaxcyte (PCVX) leadership • Q4 2024

    Question

    Tom Shrader of BTIG inquired about the current medical practice and reimbursement landscape for administering a booster PCV shot to adults at age 65 who were previously vaccinated at age 50, and whether a formal ACIP recommendation is essential.

    Answer

    CEO Grant Pickering and EVP & COO Jim Wassil explained that while a booster at 65 is not yet codified, ACIP discussions and historical precedent with multi-dose vaccine schedules suggest it is the likely future direction, pending data from newer vaccines like Vaxcyte's. They noted that reimbursement for multiple doses has not been a significant issue, and the high return on investment for vaccines often leads to administration upon patient request within the appropriate age groups.

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    Tom Shrader's questions to Aldeyra Therapeutics (ALDX) leadership

    Tom Shrader's questions to Aldeyra Therapeutics (ALDX) leadership • Q2 2022

    Question

    Tom Shrader asked if ADX-2191 will use the same formulation, dosing, and pricing across its different indications, such as cancer (PVRL) and prophylaxis (PVR).

    Answer

    President & CEO Dr. Todd Brady confirmed that the formulation and concentration of ADX-2191 will be the same across indications, highlighting its unique vitreous-compatible design. However, he noted that the dosing regimen will differ, with PVR involving a set number of injections and lymphoma potentially requiring lifelong monthly dosing. He stated that pricing is still to be determined and will depend in part on which indication is approved first.

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    Tom Shrader's questions to Lite Strategy (MEIP) leadership

    Tom Shrader's questions to Lite Strategy (MEIP) leadership • Q4 2020

    Question

    Tom Shrader from BTIG asked about the extent of FDA buy-in for using the new marginal zone lymphoma cohort to support an accelerated approval pathway. He also posed a broader question about the potential for a solid tumor basket trial for Voruciclib, given its mechanism of MYC inhibition.

    Answer

    President and CEO Dan Gold explained that while the FDA is aware of their plans, any potential for accelerated approval for the marginal zone cohort will ultimately be driven by the strength of the clinical data. Regarding Voruciclib, Gold confirmed that its potential in solid tumors, particularly those with KRAS mutations where MYC is implicated, is an area of interest that the company is actively exploring with preclinical work.

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