Moderna, Inc.

Good day and thank you for standing by. Welcome to Moderna's first quarter 2024 conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised today's conference is being recorded. I would now like to hand the conference over to the speaker today. Lavina Tuluptar, please go ahead.

Thank you, Kevin. Good morning, everyone, and thank you for joining us on today's call to discuss Moderna's first quarter 2024 financial results and business updates. You can access the press release issued this morning as well as the slides that we'll be reviewing by going to the investor section of our website. On today's call are Stefan Bontel, our chief executive officer, Stephen Hogue, our president, and Jamie Mock, our chief financial officer. Before we begin, please note this conference call will include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please see slide two of the accompanying presentation and our SEC filings for important risk factors that could cause our actual performance and results to differ materially from those expressed or implied in these forward-looking statements. I will now turn the call over to Stefan.

Thank you, Lavina. Good morning, or good afternoon, everyone. Thank you for joining us today. I will start with a review of the business. Jamie will then present our financial results. Stephen will review our late-stage clinical programs. And I will close by sharing our 2024 commercial priorities and major upcoming milestones. Our COVID vaccine has already impacted hundreds of millions of people. I'm excited by the progress we've made with our pipeline that has the potential to impact many more people. During the first quarter, we presented substantial clinical progress during our vaccine day with exciting data on the BV, VZV, and norovirus. In addition, along with our partner Merck, we expanded studies for individualized new antigen therapy, INT, into three new indications. In addition, through ongoing phase 3 studies in adjuvant melanoma and adjuvant non-small cell lung cancer. A phase 2 free study has started in neoadjuvant adjuvant cutaneous squamous cell carcinoma, another form of skin cancer. Phase 2 clinical trials have started in adjuvant bladder and adjuvant kidney cancer. Together, our vaccines and therapeutic portfolio have a potential to impact hundreds of millions of people each year. I am pleased with our Q1 performance. Since the beginning of the year, we announced four important business agreements and collaborations. We entered into a non-exclusive IP out licensing agreement with a leading pharmaceutical company in Japan. The agreement includes an upfront payment and low double-digit royalties to Moderna on net sales of COVID-19 products marketed in Japan by this company. It is nice to see a company recognizing our IP and asking us for a license. Second, we recently announced a contract to provide 12.5 million doses of our COVID-19 vaccine to the Ministry of Health in Brazil. I am very pleased with this partnership, as it is the very first time that Moderna works with the Brazilian government, and we look forward to providing these doses to protect people in Brazil as they go into their winter season. We announced a project financing program for up to $750 million in funding with Blackstone to further develop our flu program. We also made public our collaboration with OpenAI to use AI as a transformative tool to increase speed and efficiency, and ultimately to improve patient outcome across our business. Finally, we agree to metagenomics to terminate our gene editing collaboration. All rights granted under the collaboration will be returned to metagenomics. This is a good proof point of Moderna continuing to prioritize our assessment of a best opportunity to drive results. Turning to Q1 financial results. In revenues, we were ahead of our plans at $167 million, reflecting the highly seasonal nature of our respiratory vaccine business. The net loss was $1.2 billion. We ended the quarter with $12.2 billion of cash and investments. We communicated during our November call our focus on financial discipline. I am pleased with what the team has achieved with our operating expenses, Cost of manufacturing expenses plus cost of R&D expenses plus cost of SG&A expenses were down almost $800 million in Q1 2024 versus Q1 2023. Jamie will elaborate on this in his section. With that, I will now turn to Jamie.