Evaxion A/S · NASDAQ:EVAX
Evaxion A/S — Q2 2026 Earnings Presentation
21 slides from Evaxion A/S's earnings presentation, Aug 20, 2026
Slide 1: Business update Q2 2026
AUGUST 20, 2026 Business update Q2 2026 Helen Tayton-Martin, CEO Birgitte Rønø, CSO & COO Thomas Schmidt, CFO Mads Kronborg, VP Investor Relations and Communication
Slide 2: Agenda
1. Introduction (Helen Tayton-Martin) 2. R&D and AI-Immunology™ update (Birgitte Rønø) Agenda 3. Q2 2026 financial results (Thomas Schmidt) 4. Conclusive remarks (Helen Tayton-Martin) 5. Q&A © Evaxion A/S. All rights reserved. 2
Slide 3: Forward-looking statement
Forward-looking statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “target,” “believe,” “expect,” “hope,” “aim,” “intend,” “may,” “m
Slide 4: 1. Introduction
1. Introduction © Evaxion A/S. All rights reserved. 4
Slide 5: Key achievements since last business update
Key achievements since last business update AI-Immunology™ Business development R&D Financing platform • Several discussions • EVX-01 three-year data • Winning the 2026 Prix • Disciplined resource on-going accepted for ESMO 2026 Galien UK Award for allocation aligned with Best digital health value d
Slide 6: Pipeline: Demonstrating the performance and scalability of AI-Immunology
Pipeline: Demonstrating the performance and scalability of AI-Immunology™ INDICATION/ STAGE OF DEVELOPMENT CANDIDATE PATHOGEN TARGET DISCOVERY PRECLINICAL PHASE 1 PHASE 2 CANCER EVX-01* Advanced melanoma (Liposomal/peptide) EVX-04 Acute myeloid leukemia (DNA) EVX-05 Glioblastoma (DNA) Multiple candi
Slide 7: 2026 milestones
2026 milestones H1 H2 H2 H2 H2 EVX-01 AI-Immunology™ EVX-01 EVX-04 EVX-B4 Personalized vaccine for Personalized vaccine for Off-the-shelf vaccine for Vaccine for Group A advanced melanoma advanced melanoma Acute Myeloid Leukemia Streptococcus Additional biomarker New application for Three-year phase
Slide 8: 2. R&D and AI-Immunology update
2. R&D and AI-Immunology™ update © Evaxion A/S. All rights reserved. 8
Slide 9: EVX-01 as monotherapy: three-year phase 2 data
EVX-01 as monotherapy: three-year phase 2 data Data to be presented • More comprehensive assessment of the full potential of EVX-01, strengthening its already strong clinical data package • Evaluation of the vaccine’s effect both as stand-alone and combination treatment • Potentially further insight
Slide 10: EVX-01; adding to unprecedented data and preparing the path forward
EVX-01; adding to unprecedented data and preparing the path forward PATH FORWARD • Other relevant indications being discussed • Future trial(s) planned to be conducted in partnership Phase 2 three-year data OCT 2026 • FDA fast track designation obtained • Clinical outcome data; durability and clinic
Slide 11: EVX-05: An off-the-shelf cancer vaccine in glioblastoma
EVX-05: An off-the-shelf cancer vaccine in glioblastoma HIGHLIGHTS CLINICAL MANIFESTATIONS • EVX-05 is an off-the-shelf therapeutic cancer vaccine • GBM is the most common and most aggressive primary candidate for glioblastoma (GBM) malignant brain tumor1 • Builds on same novel and broadly applicabl
Slide 12: AI-Immunology's capabilities in finding ERV-targets for glioblastoma
AI-Immunology™’s unique capabilities in finding ERV- targets allows novel treatment concept for glioblastoma EVX-05 PATIENT AI-IMMUNOLOGY™ LEAD CANDIDATE IND*-ENABLING CLINICAL SEQUENCING ANTIGEN MINING SELECTION ACTIVITIES DEVELOPMENT ERV tumor antigens identified From >1.5 million ERV antigen To s
Slide 13: New EVX-04 data confirms potential in AML
New EVX-04 data confirms potential in AML EVX-04: Off-the-shelf vaccine for Acute Myeloid Leukemia (AML) targeting ERVs • Demonstrates EVX-04’s • All EVX-04 ERV-antigens drive specific immune • These vaccine-induced complete expression in responses both in mice (in vivo) and human immune cells media
Slide 14: New data further supporting EVX-V1 concept
New data further supporting EVX-V1 concept EVX-V1: Prophylactic vaccine for cytomegalovirus (CMV) • AI-Immunology™ discovered novel T-cell epitopes have the potential to improve control of acute infection, latency and Improving known reactivation in CMV-infected mice targets • Complements previous f
Slide 15: Expanding validation of AI-Immunology as a platform that delivers product candidates
Expanding validation of AI-Immunology™ as a platform that delivers product candidates CLINICAL VALIDATION ü Positive outcomes in three out of three trials in oncology ü 75% ORR, 25% CR in phase 2 melanoma trial ü 86% hit-rate, 86% de novo responses PRECLINICAL VALIDATION ü Proof of Concept for off-t
Slide 16: 3. Q2 2026 Financial results
3. Q2 2026 Financial results © Evaxion A/S. All rights reserved. 16
Slide 17: Financials – Q2 2026 highlights
Financials – Q2 2026 highlights • Disciplined resource allocation fully aligned with strategy and prioritized value drivers • On track to deliver according to financial plan and expected operational cash burn • Cash runway to second half of 2027 maintained © Evaxion A/S. All rights reserved. 17
Slide 18: Financials – Q2 2026 Profit & Loss
Financials – Q2 2026 Profit & Loss Three months ended June 30, • Operating expenses slightly reduced 2026 2025 Revenue - 37 Research and development (2,334) (2,165) • Minor increase in Research and Development (R&D) expenses General and administrative (1,512) (2,212) as we progress our pipeline acco
Slide 19: Financials – Q2 2026 Balance Sheet
Financials – Q2 2026 Balance Sheet • Cash and cash equivalents as of June 30, 2026, were $14.0 June 30, 2026 December 31, 2025 million, compared to $23.2 million as of December 31, 2025, and Cash and cash equivalents 14,000 23,234 confirms our current cash runway until second half of 2027 Total asse
Slide 20: 4. Concluding remarks
4. Concluding remarks © Evaxion A/S. All rights reserved. 20
Slide 21: Concluding remarks
Concluding remarks Good operational momentum, tracking towards set milestones Stream of new data validates the unique capabilities and scalability of AI-Immunology™ as well as the individual programs Business development remains key priority, several discussions ongoing Cash runway to second half of