Evaxion A/S · NASDAQ:EVAX
Evaxion A/S — Q1 2025 Earnings Presentation
21 slides from Evaxion A/S's earnings presentation, May 27, 2025
Slide 1: Business update Q1 2025
MAY 27, 2025 Business update Q1 2025 Christian Kanstrup, CEO Birgitte Rønø, CSO Thomas Schmidt, CFO Mads Kronborg, VP Investor Relations and Communication
Slide 2: Agenda
Agenda 1. Introduction (CEO, Christian Kanstrup) 2. R&D update (CSO, Birgitte Rønø) Agenda 3. Q1 2025 financial results (CFO, Thomas Schmidt) Conclusive remarks (CEO, Christian 4. Kanstrup) 5. Q&A © Evaxion A/S. Allrights 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: Introduction
1. Introduction © Evaxion A/S. Allrights 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 phase 2 trial • Further optimization of • Cash at hand until on track towards yielded another set of the AI-Immunology mid-2026 potential option positive data presen
Slide 6: High activity level at scientific conferences
High activity level at scientific conferences • Presenting striking new biomarker and immune data from EVX-01 phase 2 trial Apr 25 - Apr 30, 2025 • Two presentations: • “AI-powered antigen target discovery for cancer vaccines” • “AI-powered target discovery for infectious disease vaccines” Apr 21 -
Slide 7: Strong execution to achieve 2025 milestones
Strong execution to achieve 2025 milestones EVX-01 EVX-01 All patients Supplemental phase 2 completed EVX-01 biomarker and dosing immunogenicity data H1 Infectious 2025 diseases Two new pipeline candidates (1 in H1, 1 in H2) Business EVX-V1 Precision ERV cancer MSD vaccine collaboration development
Slide 8: R&D update
2. R&D update © Evaxion A/S. Allrights reserved. 8
Slide 9: Pipeline: Demonstrating the performance and scalability of our AI-Immunology platform
Pipeline: Demonstrating the performance and scalability of our AI-Immunology platform I ND I CA TI ON/ STA G E OF DE VE L OPM ENT PAR TNER PAT HOG E N T A R GE T D IS CO V ER Y PR E CL IN IC AL PH A SE 1 PH A SE 2 C ANC E R VA CC IN ES Metastatic melanoma Pembrolizumab supply agreement with MSD* EVX
Slide 10: New striking EVX-01 phase 2 data
New striking EVX-01 phase 2 data HIGHLIG HTS STRONG T-CELL RESPONSES • Personalized vaccine for first-line treatment of advanced melanoma (skin cancer) • Vaccine targets (neoantigens) identified by AI-Immunology based on individual tumor profile • Combined with an anti-PD1 antibody with the aim of i
Slide 11: First patient dosed in EVX-01 phase 2 trial extension
First patient dosed in EVX-01 phase 2 trial extension • Extension phase active: the first patient was • Enables exploration of EVX-01 as dosed in May monotherapy, following initial combination with standard of care • Trial extended by an additional year to collect three-year clinical outcome data •
Slide 12: New ERV vaccine concept validated in preclinical cancer models
New ERV vaccine concept validated in preclinical cancer models KEY HIGHLIGHTS STUDY DES IGN Cancer cell inoculating • Concept for precision cancer vaccines targeting Termination non-conventional Days: -14 -7 0 7 14 21 25 endogenous retrovirus (ERV) T-cell analysis of tumor antigens shared mERV_Hotsp
Slide 13: On track for lead candidate selection in second half of 2025
On track for lead candidate selection in second half of 2025 • Curated and analyzed proteomics data and other types of data from more than 3,000 cancer patient samples Path towards clinical development • Further, we have analyzed more than 1,000 immuno- peptidomics datasets of cancer samples to iden
Slide 14: Advancing towards new infectious disease vaccines
Advancing towards new infectious disease vaccines • Two new vaccine candidates for infectious diseases is an important 2025 company Long list of +50 indications milestone Screen medical need • Pipeline build-up feeds into multi-partner strategy Screen commercial potential • Panel of world-renowned e
Slide 15: Strong execution to achieve 2025 milestones
Strong execution to achieve 2025 milestones EVX-01 EVX-01 All patients Supplemental phase 2 completed EVX-01 biomarker and dosing immunogenicity data H1 Infectious 2025 diseases Two new pipeline candidates (1 in H1, 1 in H2) Business EVX-V1 Precision ERV cancer MSD vaccine collaboration development
Slide 16: Financial highlights
3. Financial highlights © Evaxion A/S. Allrights reserved. 16
Slide 17: Financials – Q1 2025 highlights
Financials – Q1 2025 highlights • Cash position of $17.8 million as of March 31, 2025, significantly increased from $6.0 million as of December 31, 2024 • With operational cash burn 2025 of approx. $14 million, our cash runway expected to fund operations into mid-2026, e.g. past potential option exe
Slide 18: Financials – Q1 2025 profit and loss
Financials – Q1 2025 profit and loss • Operating loss of $3.9 million compared to $4.4 million in Q1 Three Months Ended March 31, 2024. Overall lower operating expenses in Q1 2025, as project 2025 2024 cost increase in the coming quarters Rev enue 0 51 For the full year 2025 we expect an operational
Slide 19: Financials – Q1 2025 balance sheet
Financials – Q1 2025 balance sheet • Equity significantly strengthened to $10.3 million as of March 31, 2025. March 31, December 31, 2025 2024 • Investor warrants from public offering have exercise price denominated in USD while functional currency is DKK, and Ca sh and cash equivalents 17,843 5,952
Slide 20: Conclusive remarks
4. Conclusive remarks © Evaxion A/S. Allrights reserved. 20
Slide 21: Conclusive remarks
Conclusive remarks Strong execution momentum maintained Tracking towards several potential value catalysts Clear strategy with strong focus on value realization through our multi-partner approach Cash runway to mid-2026, i.e. beyond EVX-01 two-year data and potential MSD option exercise © Evaxion A/