VectivBio Holding AG

For full-year 2022, VectivBio reported revenue from contracts with customers of $27.3 million, related to the partnering agreement with AKP. Research and development expense was $74 million versus $50.2 million in 2021, while general and administrative expense was $33.9 million versus $36.5 million in 2021. Cash and cash equivalents were $221.4 million at December 31, 2022, up from $102.7 million a year earlier, and management said this supports funding operating expenses and capital expenditures into 2025. Looking ahead, the company said six-month STARS Nutrition data will be presented in early May, STARGAZE interim data is expected by mid-year, and topline Phase 3 STARS results are expected in Q4.

Luca Santarelli struck an optimistic, execution-focused tone, saying 2022 brought “tremendous progress” and that 2023 would be “transformational” because several important readouts are approaching. He emphasized apraglutide’s potential to treat both SBS-IF and acute GvHD, and repeatedly framed the molecule as differentiated by its pharmacology, weekly dosing, and anatomy-specific development strategy. He also highlighted commercialization prep, saying the company is building toward a “blockbuster launch” and is on track for a 2025 launch with a dual-chamber syringe.

Claudia D’Augusta focused on the year’s financial results and balance sheet strength. She reported $27.3 million of collaboration revenue, $74 million of R&D expense, and $33.9 million of G&A expense for 2022, with R&D up $23.8 million year over year mainly due to clinical manufacturing and study activity, and G&A down $2.6 million mainly from lower employee-related non-cash compensation. She also said cash and cash equivalents were $221.4 million as of December 31, 2022, and that existing cash should fund the business into 2025.

Analysts pressed on what to expect from the upcoming STARS Nutrition data in CIC, and management said DDW will include parenteral support volume reduction, energy content of parenteral support, and body-weight changes. Questions on STARGAZE focused on what would constitute proof of concept in steroid-refractory acute GvHD; Luca said they will look at overall response rates, durability at one and two months, and compare against historical datasets such as REACH-1 and REACH-2, while Omar explained that GI involvement drives major morbidity and mortality and that the study uses a propensity-score-matched synthetic control. Analysts also asked about CIC market opportunity and Gattex competition; management said CIC may represent 60% to 70% of SBS-IF patients, that Gattex is used more often in stoma than CIC, and that apraglutide’s anatomy-specific trial design should help define a clearer value proposition.