Bloomberg technology. Lets take a look at the markets on the day. It was a risk on session, of course avenue do with the news out of madera that they have a vaccine that is 94. 5 effective on the volunteers. 500hat news, the s p finishing higher. Some nice gains out of the nasdaq. Moderna itself sharply higher. After the market, we did have news coming from brookshire and s. Her hathawaye berkshire added to their portfolio in terms of health care. Typically, health care a defensive space. With the virus, perhaps these additions have something to do with the virus. Stocks have been down sharply on the day after moderna news about the virus came out. Likingours, investors pfizer as well. All right, abigail doolittle, thank you so much for that round up. I want to get to airbnbs filing. The company disclosing details of its initial Public Offering plans for the first time, releasing Financial Results and previously confidential information on its operations. In ipo search that has largely defied the economic devastation inflicted by the pandemic. I want to bring in crystal, who has been running through what has just crossed. Highlightse of the of what you have seen so far. Crystal as expected, we are seeing a bit more of a Third Quarter rebound. The revenue took a hit from the stomach for the nine months ending in september. It is down 32 yearoveryear. That is topline. Narrowed inever has the same period. A 350 page filing, it so about 20 minutes ago, there will be more to come. Emily lets talk about some of the risk factors. Airbnb saying they may not be able to achieve profitability. That is not usual to read in an s1 filing for a tech company. They are going to see greater decline in experiences yearoveryear, and that covid will continue to adversely affect the business. Had bouncedirbnb back somewhat in the pandemic but it continues to be a big risk factor. What do investors need to consider as they consider making a bet on this company . A it is not uncommon for company to have a very, very long risk factor. Foremost, theand risk factor is the covid democrat and its impact to the business, the operations, and financial conditions. Reallycause the pandemic limits social gatherings, it makes it very difficult to continue their business. This is really up to investors. They warned that these clients in profits or these losses could continue in the foreseeable future and they may not even be able to achieve profitability altogether. Typical language you see in s1. Emily i had a long and wide reaching sit down with the airbnb ceo early in the pandemic and he was quite frank about how terrifying it was with the epic, they hit their business took, how the company has gone back to its roots. We are seeing in the filing that they now have almost 7. 5 million listings available. They have pulled back on some of the other more experimental businesses and gone back to home and apartment sharing. And that will be their bread and butter for the more foreseeable future. Will that be enough from a Growth Perspective for investors wondering about the companys future prospects . They also had a pretty good job cut during the pandemic. Of theng like a Quarter Company was led go. The very famous here full announcement to the employees, which we also reported. Is up tosaid, it investors to decide whether they have done enough in cutting costs. To growth mode. Right now, they have shown that the top line has gone up. That what brian said in that interview with you. Are next steps . I know that we were looking at potentially december and certainly before the end of the year. Are they on track for that . Crystal 15 days from now, they are allowed to market to investors. 15 days from now, we will see a price range that will give us a good sense of what airbnb is valued at. Followed by a roadshow, they will determine a price and list on nasdaq. So we will be following this whole process. Right now, were just combing through the prospectus and seeing what else is interesting. They will be listing under the ticker abnb on the nasdaq. There was speculation that they were considering the Longterm Stock Exchange, which would be a departure from the traditional path and a huge win for the Longterm Stock Exchange. What do you make of the fact that they have chosen a more triedandtrue path . Probablyd say that is more of a marketing, that they have made this pledge more so than improving the trading liquidity. Thet now, nothing trades on Longterm Stock Exchange. Nothing that they do would happen until as early as next year. For a is a big, big win Longterm Stock Exchange which only started operating in september. Nobody knows what it will be like because nobody is listed on it. But we will see how it goes. Emily we know that you will be continuing to pore through airbnbs s1, which just crossed. Thank you for your analysis. Coming up, quickly and of the pandemic be inside . Be in sight . Moderna is out with a new vaccine candidate that is more than 94. 5 effective. This is bloomberg. Said monday its effectiveine is 94. 5 in a preliminary analysis of a large, late stage clinical trial. The highly positive read outcomes just a week after a similar shot developed by pfizer haveiontech was found to an efficacy of over 90 . We think that this is highly encouraging as it relates to the possibility that our vaccine and hopefully those of others will have a profound impact in pushing back the damage done by this virus. The reason is that we need to attack this at the level of hundreds of millions of people if not billions. This is a preemptive treatment. In other words, your own immune system will defend you against the virus. What we have shown, that in a trial of 30,000 subjects where we have already received some 95 cases of infection, of those, 90 of them work in a population that did not receive the vaccine. Only five were in the population that did. 95 comesere the from. If that scales to millions and hundreds of millions of people, we should be able to save lives, avoid severe disease, and pushback this pandemic. Emily what are your next steps and when can you file for an emergency use authorization . We are in close collaboration with regulatory and other authorities for authorization. We will pursue an emergency use authorization for which we still need to finalize safety data over the next days, then prepare the file for review by the fda. That should happen in early december, we hope. Once we get the authorization, we are already ready with supplies and distribution to start reaching out to the front line workers and populations appropriate to apply the first wave of vaccine to. The vaccine will be disturbed it through the distributed through the operation warp speed supply chain that has been set up. First, at the level of tens of millions of doses. I would expect some 2040,000,000 doses will be made available. We have already said 20 million will come from us. Going into the first quarter, that number should wrap up to as much as 50 and 100 million doses. Through 2021p up to 500 or a million doses. We will not be the only vaccine. There will be other vaccines. As it relates to individuals receiving it, i would say that the first wave will be the most vulnerable. The second wave will begin to be a bit broader. I think in the Second Quarter of 2021, we should begin to see an update. Datape that this kind of end,he efficacy and safety with leadership from any levels, will lead people to take it up as much as possible. So, that will also dictate timing. Emily was a lot of excitement around the pfizer news, which uses the same mrna technology that moderna uses. But then we learned it has to be stored at 94 degrees fahrenheit. Yours can be stored at refrigerator temperature for 30 days, as i understand it. Noubar i should say that moderna pioneered this mrna field and has worked on it for 10 years. There are more that have entered the field more recently, using technologies that we looked at some years ago. We spent a lot of trying to achieve the 20 degrees centigrade target, which is our longterm storage condition, already something that can be done quite broadly. Then, of course, what you just mentioned we announced today the results on our storage conditions where it is clear that we can keep things on the refrigeration process 30 days and, in fact, for 12 hours, we can have it at Room Temperature sitting on a table. Tot that means is we want take the pressure off the Distribution System both to have to do unusual things, but also not to feel the stress of getting things wrong. Every one of these vaccines will be precious. There will be a limited supply for a long time. We dont want 10 vials to go bad or 100. I would say that this is not a recent innovation for us. They will be other vaccines. The covid19 one is the beneficiary of all of that experience and innovation, something at a scale we never imagined who have to work in. Needs your vaccine also two doses likely pfizer vaccine. Getting people to come back will be a challenge. Talk to us about your Distribution Plan and how challenging the process of getting this added into the world will be. Noubar i think there has been a lot done to prepare for this moment. In the u. S. , the work of operation warp speed has been not just securing the supplies that we needed, the supplies we apply to the Vaccine Distribution program, but the entire distribution chain and preparedness. While there is a lot of work to do, i think we have already done quite a bit. Two doses, it is interesting because almost everything related to vaccines these days has become a point of debate and speculation. The reason we are using two doses is to give people the maximum amount of protection. When we set out to do this, we could have done it with one does. Microgramso and 100 because we could. Why . Because we wanted the highest possible protection as we anticipated that the burden of disease would be so terrible that we needed to flatout protect people. Emily more of my conversation with noubar afeyan, the chair and cofounder of moderna, after this break. Before we go, i should add that tesla has just been added to the s p 500. A huge milestone. Shares jump 5 after hours. We will keep our eyes on that as we had to break. Emily moderna was a littleknown company just a year ago and is now emerging with a potentially leading vaccine candidate for covid19. More on my conversation with coach with cofounder and chair noubar afeyan. Noubar moderna is a product of a whole different way of thinking about in about innovation which we employ at flagship engineering. The idea is, rather than look at the way science advances incrementally, instead think about leaping to not yet discovered capabilities and first think about, what do you wish you could do if you could do anything . Among the hundreds of such explorations we carry out every year, every two years, what we uncovered here was, if only you could provide to a human a code that would cause themselves to make a protein that is either therapeutic or preventative, then that capability would be advanced over the stateoftheart of biotechnology. This was 2010. We did not know how to do it, how effective it would be. But we first envisioned that such an arbitrary, imaginary thing would be possible. Then we started working backwards. If you are going to do this, what would it take, how could you prove it, how robust, etc. . The entity was called ls18. We number our projects. It was the 18th such life science project we had done. It eventually became moderna. We tried a number of approaches. We were not looking for an application for discovery, we were looking for a discovery that would fit an application. The first years were quite remarkable. Emily what was the eureka moment where you realize that mrna, which basically tricks the body into producing what it needs to fight without actually injecting the virus, what was the eureka moment that that was going to work . Youar the idea is that take a code, you formulate it, you enter the body with it, and it gets into the cells you want and starts making a protein. Virus, theally, this virus, it is an mrna virus. It does the same thing. Viruses know how to do what it took the biotech industry 40 years to figure out how to do. To give cells that they infect the code by which they can reconstitute themselves. Thatrony is not lost on us the very thing that will undo the virus we hope is the very innovation that a virus has made to begin with. Emily there is reporting that the nih may own some of the patents that moderna is using. Is that correct . Noubar the nih has very productively for us been both a collaborator of ours and has worked on the underlying protein that is a vulnerability of this class of virus. That protein, they had worked on for many years. Several years ago, we began to collaborate with them to develop a mers vaccine, which was about to get ready to go into phase two human trials when the sarscov hit earlier this year. That same Team Immediately decided to collaborate to change the sequence to the one from this virus and not its cousin virus. Filedh and others have proteins that are sort of broad background proteins. Everyone is using the spike protein, so that will be important. Beyond that, the vaccine that we make takes advantage of many inventions that we have made, including for the covid19 vaccine. And that is intellectual property that moderna has. Some oftock sales of the executives of the Biggest Pharmaceutical Companies have been screwed i stand i know that your fund sold some stock earlier this year. Things people have said about individual decisions. In our case, flagship owned all of the company in the very beginning. As we formulated the initial Founding Group with certain academic cofounders, we distribute it some shares to them. Actually, flagships ownership not anunding ownership, investing ownership. Our investors basically invest in funds at appropriate intervals. We have made small amounts of sales. In this case, it was a small fraction of our sales which we effectuated. That is a completely different thing than these programs, executive sales. Fory we could have talked hours. Noubar afeyan, cofounder and fascinatingerna, on vaccine development. Coming up, businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Adapting. Innovating. Lsetting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Spacex hitting a huge milestone this past weekend. Elon musks company launching its first regular nasa mission to the International Space station. Four astronauts took off from Cape Canaveral and will dock at the iss 11 00 p. M. Tonight. Joining us now is thomas jones, a former nasa astronaut and fourtime Space Shuttle pilot. My kids and i were watching last night. They were so excited and its almost as if nasa is inspiring a new generation after all these years. What makes this particular lodge so significant launch so significant . Thomas it is an exciting time for the country because we are now going operational with these commercial crew transports to the space station. After the shuttle retired in 2011, we had no way to get to the space station which we largely built except for russian rockets. Now we are out from the russian monopoly. With this launch of the spacex crew dragon, next year, boeing will join that fleet. Nasa will have two reliable ways, really stateoftheart ways to get to the space station for the next 10 years of its research lab. Emily what exactly are these astronauts going to be doing in space . We always hear they will beat helping out with scientific experiments. Give us more details. What are they doing up there . Thomas the astronauts that Just Launched last night they join a crew of three that is already up there. Two from russia and kate rubins. Personew has one extra over the usual number of six to turn to Science Research productivity, more hours applied to the research on the three big labs. Everything from growing plants on the station to help us forge a way to mars by recycling carbon but dioxide, to experiments. The latest experiment i have been intrigued by is using microbes to attack and process rocks from the moon or asteroid to make valuable economic materials. This material of can produce economically viable minerals and compounds we might even use back on earth, most likely use them in space for the lifesupport system or construct Building Materials out of these microprocessed rocks from space. They so, as you mentioned, names of the astronaut including shannon walker, a female astronaut, africanamerican astronaut. This is definitely a history making mission. I saw a lot of parents tweeting about their little girls watching this last night. Talk to us about how this partnership with spacex and outside partnerships change the equation for american efforts to get to the final frontier. Thomas i think it is a big, Important Development shifting over to enlist commercial partners in nasas exploration fo program. By bringing to the table new rocket designs, a way to recycle the first stage of the falcon nine space x booster by linda get back on a recovery barge, for example, that is a new innovation. Nasa used to recycle with shuttle boosters but not such a sophisticated way. This lowering the cost of launch services to orbit will not only help nasa, funded by the taxpayer, but it will free up funds to go out to the moon and asteroids. Companies like spacex and boeing are now going to be offer the same spacecraft to tourists who want to pay to go to orbit for a week. Visit first the space station but then later on there will be commercial hotels and pharmaceutical and industrial labs in orbit that these transports can service. It is really bringing inno