Evaxion A/S · NASDAQ:EVAX
Evaxion A/S — Investor Presentation (November 2026)
44 slides from Evaxion A/S's investor presentation, November 2026
Slide 1: Pioneering AI to decode the immune system for target discovery, drug design and development
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Slide 2: 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 3: An AI pioneer in immunology
An AI pioneer in immunology Founded in 2008 with the aim of decoding the human immune system with AI to address serious unmet medical needs Today, Evaxion is a pioneering clinically-validated TechBio1 company based on our proprietary AI-Immunology platform Focused on antigen discovery and product de
Slide 4: A pioneer in fast and effective AI-powered development of new medicines
A pioneer in fast and effective AI-powered development of new medicines Multidisciplinary Broad pipeline Platform and pipeline Multi-partner approach to capability set Preclinical and clinical provides unique value realization with key and state of the art programs across cancer avenues for value pa
Slide 5: AI in drug discovery will be a +$40 billion market
AI in drug discovery will be a +$40 billion market1 • Evaxion operates at the 45 center of a high-growth market $41.1 bn offering pharma companies 40 our unified end-to-end AI- Immunology platform for 35 target discovery, drug design, and development 30 CAGR* • Growth is reinforced by 25 25% demand
Slide 6: Targeting significant unmet needs and large markets
Targeting significant unmet needs and large markets GLOBAL MARKETS FORECASTS CANCER INFECTIOUS DISEASES AUTOIMMUNE DISEASES $229bn $68bn $215bn Cancer immunotherapy market Infectious disease vaccines Autoimmune disease treatments estimated to grow to $229 market expected to reach market estimated to
Slide 7: The unique architecture of AI-Immunology
The unique architecture of AI-Immunology UNIQUE BUILD ING BLOCK THREE-ENGINE DISEASE AREAS ARCHICT ECT URE CORE OF AI-IMMUNOLOGY Disease decoding Cancer Immune response Infectious decoding diseases Autoimmune diseases Vaccine design © Evaxion A/S. All rights reserved. 7
Slide 8: Turning AI into products - multidisciplinary R&D capabilities
Turning AI into products - multidisciplinary R&D capabilities Disease biology Translational Target medicine discovery Clinical Antigen development AI-Immunology design Vaccine target discovery, drug design & development CMC Vaccine & adjuvant design Preclinical development © Evaxion A/S. All rights
Slide 9: Demonstrated power of AI-Immunology in vaccine target discovery
Demonstrated power of AI-Immunology in vaccine target discovery, drug design and development VALIDATED 3 clinical trials confirm predictive capabilities and link to outcomes SCAL ABLE FAST +100 different diseases can be addressed 24hrs to complete target discovery AGN OSTIC TARGETED 4 80% different
Slide 10: How AI-Immunology is built and applied
How AI-Immunology is built and applied 2. SCIENTIFIC 3. TRAINING PHASE CURATION Inside the three-engine core of AI-Immunology The core of AI-Immunology is built on a three-engine modular architecture, 1. DATA EXTRACTION 4. CONTINUOUSLY composed of smaller “building blocks” that W I T S BU I L HO T I
Slide 11: Validation: MSD acquires EVX-B3 – first AI vaccine candidate in infectious disease
Validation: MSD acquires EVX-B3 – first AI vaccine candidate in infectious disease HISTORICAL: First ever in-licensing of an AI-discovered vaccine candidate by a pharmaceutical company FINANCIALS: Exercise fee of $7.5 million extends cash runway to H1 2027. Potential cash generation over the coming
Slide 12: Pipeline: Demonstrating the performance and scalability of our AI-Immunology platform
Pipeline: Demonstrating the performance and scalability of our AI-Immunology platform I NDI CATI O N/ ST AG E O F DEVE LO PME NT CAN DI DATE PATHO G EN T A R GET DI SCO VER Y PR ECLI NICA L PH A SE 1 PH A SE 2 CA NC ER EVX-01* Advanced melanoma (Liposomal/peptide) EVX-04 Acute myeloid leukemia (DNA)
Slide 13: Strong leadership with extensive experience across all relevant fields
Strong leadership with extensive experience across all relevant fields Board of directors • Marianne Søgaard Chair, former tech lawyer and equity partner • Roberto Prego Former Teva (head of Latin America) Chief Executive Chief Scientific & Chief Chief AI Officer & Chief Financial • Lars Holtug Offi
Slide 14: 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 15: A wide variety of cancer vaccines based on AI-Immunology
A wide variety of cancer vaccines based on AI- Immunology EVX-01 EVX-04 EVX-05 CANCER Peptide-based An off-the-shelf An off-the-shelf personalized vaccine cancer vaccine for cancer vaccine for for first-line treatment Acute Myeloid glioblastoma (GBM) of advanced mela- Leukemia (AML) noma (skin cance
Slide 16: Advancing cancer vaccines across multiple indications
Advancing cancer vaccines across multiple indications AI-driven cancer vaccine platform Dual approach • We develop next-generation personalized Personalized: Patient-tailored vaccine AND off-the-shelf cancer vaccines targeting private antigens • Our proprietary AI-Immunology platform, identifies cli
Slide 17: One AI platform, two antigen classes, three cancer vaccine programs
One AI platform, two antigen classes, three cancer vaccine programs - with scope in multiple indications • Clinically validated AI: 89% of AI-predicted neoantigens immunogenic in patients • Two antigen classes: neoantigens and ERV-derived antigens • Personalized and off-the-shelf: partner-selectable
Slide 18: Why now? First-ever phase 3 data validates personalized neoantigen cancer vaccine therapy
Why now? First-ever phase 3 data validates personalized neoantigen cancer vaccine therapy MODERNA/MERCK, INTERPATH-001, 19 AUGUST 2026 1 intismeran autoge ne + KEYTRUD A® in comple tely rese cte d stage IIB –IV melanoma 1st phase 3 2/2 Endpoints met 1,137 Patients WHAT HAPPENED? WHY IT IS FIELD-DEFI
Slide 19: Evaxion's EVX-01 compares favorably towards Moderna/Merck's intismeran autogene
Evaxion’s EVX-01 compares favorably towards Moderna/Merck’s intismeran autogene Moderna/Merck’s phase 3 (intismeran autogene + pembrolizumab) met both primary and secondary endpoint - the first positive phase 3 for a personalized cancer vaccine. Evaxion’s EVX-01 is a phase 2 personalized neoantigen
Slide 20: Personalized cancer vaccines
Personalized cancer vaccines © Evaxion A/S. All rights reserved. 20
Slide 21: AI-Immunology predicts neoantigens for personalized cancer treatment
AI-Immunology predicts neoantigens for personalized cancer treatment AI-Immunology is part of a larger process from Neoantigens are ideal cancer vaccine targets patient tumor to personalized treatment • They arise from cancer-specific • Total turn around time from patient biopsy to vaccine DNA mutat
Slide 22: EVX-01: Peptide-based personalized cancer vaccine
EVX-01: Peptide-based personalized cancer vaccine HIGHLIGHTS KEY DATA • Peptide-based personalized vaccine for first-line EVX-01 EVX-01 KEYTRUDA® REG. TRIAL2 treatment of advanced melanoma (skin cancer) Phase 21 Phase 21 75% 25% 33% • Vaccine targets (neoantigens) identified by AI- Immunology based
Slide 23: EVX-01 phase 2 study design
EVX-01 phase 2 study design KEY ELIGIBLITY CRITERIA TRIAL DESIGN ENDPOINTS • AJCC 8th edition unresectable stage Primary Secondary & III or metastatic stage IV melanoma endpoint exploratory endpoints • Checkpoint inhibitor treatment naïve Best rate of: ORR, PFS & OS • ECOG 0 or 1 • CR or PR for pts
Slide 24: EVX-01: 75% Objective and 25% Complete Response Rate
EVX-01: 75% Objective and 25% Complete Response Rate KEY DATA • The combination of EVX-01 and anti-PD-1 therapy led to an Objective Response Rate of 75% (Objective Response in 12 out of 16 patients) 1 • 92% of responders demonstrating sustained response at two-year follow up (11 out of 12 patients)1
Slide 25: EVX-01 demonstrates record-high target precision rate throughout the study duration
EVX-01 demonstrates record-high target precision rate throughout the study duration AI-Immunology enables precise neoantigen (neoAg) prediction and sustained specific T-cell responses EVX-01 induces vaccine-specific T-cells and responses are sustained throughout the three-year study period 89% 86% I
Slide 26: 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 data3 • H2 2026 FDA fast track designation obtained All patients maintained clinical response
Slide 27: Off-the-shelf cancer vaccines
Off-the-shelf cancer vaccines © Evaxion A/S. All rights reserved. 27
Slide 28: AI-Immunology identifies ERV antigens for cancer treatments
AI-Immunology identifies ERV antigens for cancer treatments ERV antigens are attractive targets for AI-Immunology models ERV antigen cancer treatments processing in cancer cells 1. Cancer-specific 2. ERV expression 3. Presentation 4. T-cell epitopes ERVs on MHC • Endogenous retroviruses (ERVs) are a
Slide 29: Breakthrough off-the-shelf vaccine approach
Breakthrough off-the-shelf vaccine approach High ERV antigen conservation identified in AI-Immunology enables design of several cancer types multi-target ERV vaccines Top 30 shared ERV antigens per indication ERV fragment #1 ERV fragment #2 MHC ligands ERV Expressed ERVs ERV fragment insert 1 2 3 4
Slide 30: EVX-04: An off-the-shelf cancer vaccine in AML
EVX-04: An off-the-shelf cancer vaccine in AML HIGHLIGHTS KEY DATA • EVX-04 is an off-the-shelf therapeutic cancer vaccine candidate for Acute Myeloid Leukemia (AML) • Designed with AI-Immunology and targets tumor- All ERV fragments included in EVX- Induces antitumor immunity with specific antigens
Slide 31: AI-Immunology's unique capabilities in finding ERV-targets allows novel treatment concept for AML
AI-Immunology ’s unique capabilities in finding ERV- targets allows novel treatment concept for AML EVX-04 DEVELOPMENT STAGE EVX-04 PATIENT AI-IMMUNOLOGY LEAD CANDIDATE LEAD & TARGET CTA*-ENABLING CLINICAL SEQUENCING ANTIGEN MINING SELECTION VALIDATION ACTIVITIES DEVELOPMENT ERV tumor antigens From
Slide 32: 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 33: AI-Immunology's unique capabilities in finding ERV-targets for glioblastoma
AI-Immunology ’s unique capabilities in finding ERV- targets allows novel treatment concept for glioblastoma EVX-05 development stage EVX-05 PATIENT AI-IMMUNOLOGY LEAD CANDIDATE IND*-ENABLING CLINICAL SEQUENCING ANTIGEN MINING SELECTION ACTIVITIES DEVELOPMENT ERV tumor antigens identified From >1.5
Slide 34: A wide variety of infectious disease vaccines based on AI-Immunology
A wide variety of infectious disease vaccines based on AI-Immunology EVX-01 EVX-04 EVX-05 CANCER Peptide-based An off-the-shelf An off-the-shelf personalized vaccine cancer vaccine for cancer vaccine for for first-line treatment Acute Myeloid glioblastoma (GBM) of advanced mela- Leukemia (AML) noma
Slide 35: EVX-B1: Staphylococcus aureus (SA) vaccine
EVX-B1: Staphylococcus aureus (SA) vaccine HIGHLIGHTS KEY DATA • Multi-component vaccine for prevention of Skin and Soft Tissue Infections (SSTI) • Designed to act against SA across multiple parameters, Protects against surgical Protects against lethal ensuring high efficacy, high immunogenicity and
Slide 36: EVX-B2: Gonorrhea vaccine (protein and mRNA)
EVX-B2: Gonorrhea vaccine (protein and mRNA) HIGHLIGHTS KEY DATA • Multi-component prophylactic vaccine against Gonorrhea • Contains antigens that are present in all 1,200 published Demonstrates strong efficacy Protects against Ng in a mouse N. gonorrhoeae (Ng) genomes analyzed. This implies against
Slide 37: EVX-B4: Group A Streptococcus
EVX-B4: Group A Streptococcus HIGHLIGHTS CLINICAL MANIFESTATIONS • Prophylactic 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
Slide 38: EVX-V1: Cytomegalovirus (CMV) vaccine
EVX-V1: Cytomegalovirus (CMV) vaccine HIGHLIGHTS KEY DATA • Next-generation, multi-component prophylactic vaccine of CMV infection in connection with e.g. solid organ transplants AI-Immunology identified novel AI-Immunology identified T-cell • Combines novel AI-Immunology discovered antigens B-cell
Slide 39: Applying AI-Immunology in autoimmune diseases
Applying AI-Immunology in autoimmune diseases © Evaxion A/S. All rights reserved. 39
Slide 40: High unmet need in autoimmune diseases
High unmet need in autoimmune diseases US prevalence of top 10 autoimmune indications • Autoimmune diseases (AIDs) arise when (2022, in thousands rounded)1 the immune system mistakenly attacks the body's own cells Rheumatoid arthritis Psoriasis • Severely debilitating and even lethal Diabetes melitu
Slide 41: Evaxion's competitive edge in autoimmune diseases
Evaxion’s competitive edge in autoimmune diseases Higher efficacy: Treatments addressing underlying pathologies rather than just symptoms Higher specificity: Fewer side effects, also allowing extended treatment windows, etc. TECHNOLOGICAL ADVANTAGES VERY ATTRACTIVE DEAL SPACE High applicability of
Slide 42: Investment highlights
Investment highlights © Evaxion A/S. All rights reserved. 42
Slide 43: Investment highlights
Investment highlights • Truly AI-first company leveraging AI-Immunology - a pioneering clinically validated AI platform for target Capital structure discovery, drug design and development. Its modular architecture allows for unique scalability Symbol (Nasdaq - ADS) EVAX Stock price (as of Oct 30, 20
Slide 44: partnering@evaxion.ai www.evaxion.ai Evaxion A/S
Envelope partnering@evaxion.ai World www.evaxion.ai A A Evaxion A/S A Evaxion EVAX outline partnering@evaxion.ai outline www.evaxion.ai Evaxion A/S black Evaxion black EVAX black and