Slide 1: Business update Q2 2025
AUGUST 14, 2025 Business update Q2 2025 Birgitte Rønø, CSO and interim CEO Thomas Schmidt, CFO Mads Kronborg, VP Investor Relations and Communication
Slide 2: Agenda
Agenda 1. Introduction (Birgitte Rønø) 2. R&D update (Birgitte Rønø) Agenda 3. Q2 2025 financial results (Thomas Schmidt) 4. Conclusive remarks (Birgitte Rønø) 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 • Partnership with MSD* • EVX-01 two-year clinical • Gates Foundation grant • Cash at hand until on track towards efficacy data accepted allows for risk- and mid-2026 potential option for oral pres
Slide 6: 2025 milestones and value catalysts
2025 milestones and value catalysts EVX-01 EVX-01 Infectious All patients Supplemental phase 2 disease completed EVX-01 biomarker and One new pipeline dosing immunogenicity data candidate H1 2025 Business development & partnerships At least two new EVX-V1 Precision ERV cancer MSD vaccine collaborati
Slide 7: 2. R&D update
2. R&D update © Evaxion A/S. All rights reserved. 7
Slide 8: Pipeline: Demonstrating the performance and scalability of our AI-Immunology platform
Pipeline: Demonstrating the performance and scalability of our AI-Immunology™ platform INDICATION/ STAGE OF DEVELOPMENT CANDIDATE PARTNER PATHOGEN TARGET DISCOVERY PRECLINICAL PHASE 1 PHASE 2 CANCER EVX-01* Advanced melanoma (Liposomal/peptide) EVX-02** Adjuvant melanoma (DNA) EVX-03 TBD (Targeted D
Slide 9: Huge international audience for EVX-01 two-year data
Huge international audience for EVX-01 two-year data Oral presentation of two- One of the most impor- Great opportunity to Acceptance of data year clinical efficacy tant and prestigious interact with global validates the interest data October 17, 2025, medical oncology audience, including in EVX-01
Slide 10: Preparing EVX-01 for partnering and registration
Preparing EVX-01 for partnering and registration Build strong data package Prepare path to registration • Finalize two-year clinical outcome data for • FDA fast track designation obtained ESMO presentation and partner discussions • Initial dialogue with regulators/FDA around • Further enhance data p
Slide 11: Strong recognition from Gates Foundation
Strong recognition from Gates Foundation Backing from one of the world’s biggest philanthropic foundations supports interest from other potential partners Despite decades of vaccination, polio remains, thus a new vaccine concept is critically needed AI-Immunology™ is applied to identify and combine
Slide 12: EVX-B4: Group A Streptococcus
EVX-B4: Group A Streptococcus HIGHLIGHTS CLINICAL MANIFESTATIONS • Preventive vaccine against Group A Streptococcus • GAS causes broad spectrum of health issues, including (GAS) severe invasive infections (e.g. necrotizing fasciitis and streptococcal toxic shock syndrome) and the • Development and t
Slide 13: EVX-V1: Cytomegalovirus (CMV) vaccine
EVX-V1: Cytomegalovirus (CMV) vaccine HIGHLIGHTS KEY DATA • Multi-component vaccine for prevention of CMV infection in connection with e.g. solid organ transplantations AI-Immunology™ identified novel AI-Immunology™ identified T-cell • Contains novel B- and T-cell antigens and a proprietary B-cell a
Slide 14: Novel approach to combatting CMV
Novel approach to combatting CMV Our multi-target approach stands out from traditional methods focusing on a limited set of glycoproteins involved in viral entry. Combatting the virus from numerous angles is expected to enhance the efficacy of future vaccine. • We have designed a proprietary prefusi
Slide 15: 3. Financial highlights
3. Financial highlights © Evaxion A/S. All rights reserved. 15
Slide 16: EIB agreement bolsters capital structure
EIB agreement bolsters capital structure Debt settlement agreement of €3.5 million out of €7 million loan converted to ordinary Evaxion warrants Warrant purchase price of $4.87 representing an 89% premium Immediate increase of Evaxion’s equity by $4.1 million (€3.5 million) Reduced overall liabiliti
Slide 17: Financials – Q2 2025 highlights
Financials – Q2 2025 highlights • Cash position of $14.7 million as of June 30, 2025 • With operational cash burn of approximately $14 million, our cash at hand is expected to fund operations into mid-2026, e.g. past potential option exercise by MSD and EVX-01 two-year clinical readout • Overall red
Slide 18: Financials – Q2 2025 profit and loss
Financials – Q2 2025 profit and loss • Operating loss of $4.3 million compared to $4.6 million in Q2 Three Months Ended June 30, 2024. R&D project costs expected to increase in the coming 2025 2024 quarters Revenue 37 51 Research and development (2,165) (2,752) • Full year 2025 we expect an operatio
Slide 19: Financials – Q2 2025 balance sheet
Financials – Q2 2025 balance sheet • Equity of $6.2 million as of June 30, 2025, further strengthened in July 2025 through debt-to-equity conversion of €3.5 million June 30, December 31, agreed with EIB 2025 2024 Cash and cash equivalents 14,746 5,952 • Derivative liability with net impact of 0.4 mi
Slide 20: 4. Conclusive remarks
4. Conclusive remarks © Evaxion A/S. All rights reserved. 20
Slide 21: Conclusive remarks
Conclusive remarks Strong operational momentum Tracking towards several potential value catalysts Business development a key priority; multiple parallel partnership discussions ongoing Cash runway to mid-2026, i.e. beyond EVX-01 two-year data and potential MSD option(s) exercise © Evaxion A/S. All r