Path Vaccine Solutions

What it reported doing in 2020

In 2020, pvs continued our fight against diarrheal diseases, the second-leading cause of death among children in low-income countries. To combat rotavirus, a major cause of severe diarrhea, we continued clinical development of a nonreplicating rotavirus vaccine candidate. The phase 3 efficacy study that began in late 2019 was paused throughout 2020 due to the covid-19 pandemic in order to best protect the health and safety of participating infants and their families. Preparatory activities continued at the three clinical sites in africa throughout the year to ensure readiness to restart the trial once conditions allow. (continued on schedule o).this vaccine candidate is administered as an intramuscular injection and could potentially overcome the lower efficacy levels seen in low-resource settings for oral, live attenuated rotavirus vaccines. In addition, pvs continued conducting a case-control study in india to evaluate the effectiveness of serum institute of india pvt. Ltd.'s (siipl's) licensed rotavirus vaccine, rotasiil. The study was paused from late march 2020 to late november 2020 due to the covid-19 pandemic.pvs continued to support clinical trials and research on vaccine candidates that may provide protection against enterotoxigenic escherichia coli (etec) and shigella, the leading bacterial causes of diarrheal illness. Currently, there are no licensed vaccines against either pathogen. In 2020, our work included completing the submission of results from a phase 1 trial of an injectable, subunit etec vaccine candidate to the us food and drug administration. Pvs also partially supported the final data analysis for a phase 2b efficacy study of an oral etec vaccine candidate in finnish travelers to benin, reporting results in march 2020.achieving world health organization prequalification in 2019 for pneumosil (a low-cost pneumococcal conjugate vaccine [pcv] developed by pvs and siipl) triggered a unicef and siipl supply agreement in 2020, which at $2.00 per dose was more than 30 percent less expensive than other pcvs, improving affordability for low- and middle-income countries. In addition, pneumosil received market authorization in india, and a phase 3 clinical trial of pneumosil in the gambia also progressed.pvs added to the respiratory syncytial virus (rsv) maternal immunization knowledge base in 2020. We published several articles about the economic impact in low-income countries of rsv and other acute respiratory infections among infants, as well as a modeling exercise on the impact of a hypothetical maternal rsv vaccine in protecting infants in countries supported by gavi, the vaccine alliance.pvs also contributed an article on antenatal care timing, which could inform maternal vaccine coverage, and a state-of-the-art review on the maternal immunization landscape. Additionally, we updated our rsv vaccine and monoclonal antibody snapshot (which provides an overview of the intervention product landscape) and trial tracker (which provides information on related clinical trials).

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 100%; rating input score 100
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 91.7%; rating input score 92; 6th percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: 2 of 8 controls in place; rating input score 25
  • Claims monitoring procedures: Pass
  • Requires narrative reports: Fail
  • Conducts field audits: Fail
  • May suspend future funding: Fail
  • Requires financial reports: Fail
  • Conducts site visits: Pass
  • Requires grant agreements: Fail
  • May require repayment: Fail
• Grant itemization coverage: 99.6%; rating input score 100; 37th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: No; rating input score 0

Accountability

• Independent voting board: 28.6%; rating input score 29; 6th percentile among comparable filings
• Governance controls: 7 of 9 controls in place; rating input score 78
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Fail
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -44.4%; rating input score 2; 2nd percentile among comparable filings
• Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
• Liabilities to assets ratio: Limited
• Officer compensation ratio: 4.3%; rating input score 58; 58th percentile among comparable filings

Growth

• Program expense growth: -14.9% per year; rating input score 0; 3rd percentile among comparable filings
• Revenue growth: -11.4% per year; rating input score 0; 3rd percentile among comparable filings
• Asset growth: -14.7% per year; rating input score 0; 1st percentile among comparable filings