Evaxion AS Q1 FY2025 earnings call

Business Development: Partnership with Merck on track for potential option exercise in second half of year, key milestone; business development pipeline solid but impacted by financial market turmoil and regulatory uncertainty, still aiming for at least two new deals in 2025. ### R&D: EVX-01 continuing to yield positive data, presented 80% of new antigens elicit immune response at AACR, on track for two-year readout in second half, first patient dosed in one-year trial extension; AI immunity platform deployed to develop new pipeline candidates, on track to select new infectious disease pipeline candidate in first half; optimization of AI platform for precision vaccine concept in second half. ### Scientific Conferences: Active participation at AACR, World Vaccine Congress, next-gen Biomet conference, crucial for interaction with scientific community and multipartner strategy. ### Milestones: Delivered first two milestones for 2025, on track with first infectious disease pipeline candidate, key milestones in second half include Merck option decision, EVX-01 two-year readout, selection of precision ERV cancer vaccine lead candidate, and continued focus on new partnerships.

No traditional product segments. Financials: Cash position improved to $17.8 million from $6 million end of 2024. Total equity at end of Q1 was $10.3 million. Operating loss in Q1 was $3.9 million, compared to $4.4 million in Q1 2024. Financial income in Q1 was $2.4 million from reassessment of derivative liability. Net loss in Q1 was $1.6 million.

Cash Runway: Cash position of $17.8 million provides runway until mid-2026. ### Merck Option: Potential $10 million receipt if Merck exercises options on compounds. ### EVX-01: On track for two-year clinical data readout in second half. ### Precision Vaccine: On track to select lead candidate for precision ERV cancer vaccine concept in second half. ### Business Development: Target of at least two new business development deals in 2025. ### Infectious Disease: Another infectious disease candidate to be entered into pipeline in second half.

Turmoil in financial markets and increased regulatory uncertainty impacting deal execution, potential partners pausing discussions due to macro environment.

Q: In the two-year EVX-01 data, was there a meaningful bias between CD4 and CD8 positive T cells?

A: We mainly see CD4 T cells. In all analyzed patients, we have CD4 T cells, and CD8 in approximately half of the patients, driven by EVX-01 being a peptide-based vaccine.

Q: Is the lead ERV candidate intended to be a ERV hotspot vaccine only or combined with personalized cancer neoantigens?

A: The precision concept is a precision-based vaccine with broad coverage, not combining with personalized approaches initially.

Q: Thoughts on UK repurposing meningitis vaccine for gonorrhea and Merck's view?

A: Clear need for effective therapy for gonorrhea, gives comfort to commercial potential of EVX-B2; scientific rationale for precision vaccine exists as cross protection to gonorrhea is far from complete and more precision vaccine needed.