Evaxion Biotech A/S Q4 2023 Earnings Call Transcript

Quartr
Provided by Quartr
April 2, 2024

There are 8 speakers on the call.

Operator

Good day, and thank you for standing by. Welcome to the Evaxiom Business Update Conference Call Full Year 2023. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your speaker today, Christian Kannstrup.

Operator

Please go ahead.

Speaker 1

Hello, everyone, and a very warm welcome to this Evaktion business update conference call on the back of our full year 2023 results. I'm Christian Kannstroop. I'm the CEO of Evaktion. With me today, I have Birgitte Rohenne, our Chief Scientific Officer. I have Jesper Nygren Niesen, our Chief Operating Officer and Chief Financial Officer.

Speaker 1

What we will be covering today is, I will be giving a brief welcome, also a brief corporate update. Then we will have Birgitte dive into the R and D and business update. And Jesper will be covering the 2023 financial results. After a few conclusive remarks by me, we will be heading into the Q and A session. So looking forward to an interactive session.

Speaker 1

Before getting started, I just want to direct your attention to the fact that we will be talking about the future today. And of course, when talking about the future that entails uncertainty. So I do direct your attention to the forward looking statement slide, which is contained in the presentation deck for today. With that, let me give you a brief summary of where we are today. First of all, we have refined our strategy.

Speaker 1

We have launched it and it's well anchored. And just to remind you, this is about a 3 pronged business model and I would touch upon it in a few seconds. Then we have also seen strong progress on our financing strategy. We have now cash into Q1 2025 secondured. We have MSD DHI as our largest shareholder, very pleased with that.

Speaker 1

We have also seen solid progress on our R and D and business strategy. We have reached a key milestone in the MSD vaccine collaboration. We have our precision vaccine project on track. And just today, we also released exciting and strong EBXB1 data. Across the business, we have been focusing on optimizing our cash burn, but important so without compromising our long term growth opportunities.

Speaker 1

That also entails that we have been optimizing the organization and we are focusing on investing for maximum return on investment. So all in all, I would say we are very pleased with where we are at this point in time in the Evacuation journey. Let me just give you a brief corporate update. I just wanted to recap a little bit on our strategy and our refined strategy. We have a 3 pronged business model, which is based upon our AI immunology platform.

Speaker 1

Important here is also that we are having a multi partner approach to value realization. So when you look at our strategy, the core of the strategy that is the AI immunology platform, our leading and validated platform for fast and effective design or discovery, design and development of novel vaccines. Based upon this platform, we have the 3 pronged business model to realize value. 1 is targets, 1 is pipeline and 1 is respond business. The target piece that's around a multi partner approach focusing around either single or multiple target discovery, design and development agreements.

Speaker 1

And here the MSD vaccine collaboration we have is a good example of what we want to achieve within the target prong of our business model. Then we have our pipeline. This is about our own development for select high value programs, bringing these programs to a major value inflection point before we pursue partnering. And here, of course, we are excited about the upcoming 1 year Phase 2 data for EBX-one, which we expect in the Q3. Finally, we have the responder prong, which is really about utilizing our core capabilities within data and predictive capabilities to develop responder models.

Speaker 1

And here we had the proof of principle for our checkpoint inhibitor model in the Q4 last year and are looking to progress that in a partnership based approach. So, our strategy core AI immunology and then it's about targets, pipeline and responders in a multi partner approach. Then a brief update on our financing strategy, which has been a key element to progress that over the past months here. And I'm very pleased to see the strong progress have seen here. In December 23, we closed a $5,300,000 private placement.

Speaker 1

Here we welcomed MSD, Global Health Innovation Fund, as a shareholder, very pleased to see MSD on the cap table. In February, we closed a $15,000,000 gross public offering. Also here, we had MSD GHI participating. And that now means that MSD GHI is the largest shareholder of Evaxion with just below 15% ownership. In parallel with this, we have been intensifying our focus on value realization via partnering.

Speaker 1

We have the ambition to fund our 2024 operational cash burn of $14,000,000 via business development income. And to do so, it's critical that we have the right focus on advancing various partnership discussions. So all in all, a significant progress on our financing strategy. And as I said, cash into Q1 2025. So that was the brief corporate update I wanted to give before handing over to Birgitte to have Birgitte give us an update on all the exciting things that have happened within the R and D side of the business over the past months.

Speaker 1

Birgitte, will you take it from here?

Speaker 2

Yes. Thank you, Christian. So today, I'm excited to give an update on the recent progress achieved in phone specific R and D pipeline programs. So let's turn to Slide 9. We have communicated initial encouraging data from our EVX-one personalized cancer vaccine Phase 2 trial.

Speaker 2

We have increased our focus on developing a precision cancer vaccine with broad applicability. For our BVX B1 step aureus vaccine, we have completed studies with an undisclosed partner testing our AI immunology designed antigens in a large animal model of surgical site infection. Further, we've made significant progress in our EVX B3 vaccine development program with MSD reaching the first milestones. So if we turn to Slide 10, we see our pipeline and we are advancing vaccine candidates for both cancer and infectious diseases. And all these vaccines are designed based on our AI immunology platform.

Speaker 2

Our pipeline includes several vaccine candidates, candidates at various stages of development and that exemplifies our commitment to saving and improving lives with AI immunology. If we look at our EVX-one Phase 2 trial on Slide 11, This is our most advanced program in metastatic melanoma. And for each patient that is involved in the trial, we manufacture a tailored vaccine that is fitting the tumor profile and the immune system of the individual patients. Once the patients are enrolled, they are administered with anti PD-one pembrolizumab, which is the standard of care for this indication. And then they're treated with our personalized EBX-one vaccine at week 12.

Speaker 2

If we move to Slide 12, we have monitored the ability of the EVX-one vaccine to induce a specific T cell response in the first five patients. And on the graph to the right, you see the data from these initial analysis. In all of the 5 patients we've assessed so far, we see a strong and specific response against the vaccine antigen. And further, we have confirmed the favorable safety profile of EVX-one, which we also observed in the Phase 1 study. And the next significant milestone is 1 year clinical readout in Q3 this year.

Speaker 2

So on Slide 13, we have a little bit of information about one of our cancer vaccine innovation programs. We have intensified our efforts significantly for this program and based on the discovery of the highly conserved novel class of tumor antigens, so called endogenous retroviruses, we have developed a precision based cancer vaccine concept with potential to broaden the applicability and to treat more cancer patients with a vaccine. Upcoming milestone for this program is preclinical proof of concept in Q4 'twenty four. So if we turn to our infectious disease program, on Slide 14, we have a little bit of highlights from our B1 project. This morning, as Christian mentioned, we announced that we have some very encouraging results from this program against staphylococcus aureus infection.

Speaker 2

So we and an undisclosed collaborator, we tested our vaccine antigens against staphylococcus aureus in a clinically relevant animal model of surgical site infections. And we saw that our antigens, they protected the animals against surgical site infections, indicating promising potential for clinical efficacy. And currently, we are engaged in discussions with the collaborate later regarding the path forward. So for our EBXO B3 program, we have tested or we have designed a vaccine and this program is conducted in collaboration with MSD. We have used our proprietary platform, AI Immunology and we have identified novel targets against a bacterial pathogen causing severe health issues.

Speaker 2

So we have now concluded on the antigen discovery and enzyme phases and that marks a significant first milestone for the development of the vaccine candidate. And next milestone is conclusion on target discovery and validation work in collaboration with MSD in the second half of twenty twenty four. So in summary, we've made substantial progress across our pipeline candidates and we are eagerly anticipating and inciting 2024 marked by some significant milestones ahead.

Speaker 1

Ian, thank you so much for this update. Truly exciting events that has taken place here. And now I will hand over to COO and CFO, Jesper Njegard Nesen to take us through the 2023 financial results. Thank you, Christian.

Speaker 3

I will focus my comments on our financial results for the full year of 2023 compared to the full year of 2022. All the numbers that I review will be approximate for easy sharing during the call. For additional information regarding our full year results and prior period comparisons, please refer to the business update and full year 2023 financial results press release and the Form 6 ks as well as the Form 20F that we both filed last week. Starting with our cash burn, this we have in 2023, as Christian talked to, had focused on optimizing without compromising our long term growth opportunities. The external spend as well as the organization has been slimmed to reflect our focused strategy and intensified focus on value realization via partnering.

Speaker 3

We have reduced the organization in terms of FTEs to the tune of 30% during 2023 and more than half the cash burn when comparing to cash burn entailed in the approved budget for 2023 to the expected cash burn shared as part of the company milestones for 2024. As of December 31, 2023, cash and cash equivalents were USD5,600,000 following the public offering in February 2024, resulting in net proceeds of USD12,700,000 We expect that our existing cash and cash equivalents will be sufficient to fund our operation and capital expenditure requirements into February 2025. If all pre funded borrowings including the public offering exercised, we expect necessary funding will be in place into April 2025. If we look at our expenses, research and development expenses for 2023 amounted to €11,900,000 and general and administrative expenses to $10,400,000 for the period. R and D expenses decreased by $5,100,000 or about 30% compared to 2022.

Speaker 3

The decrease was primarily driven by a decrease in external development cost of $3,200,000 related to clinical trials. Further, a decrease were seen in employee related cost of $1,800,000 due to a reduced headcount and a shift in our employee mix. Looking at general and administrative expenses, they were at 10,400,000, dollars an increase of $2,200,000 or 27% compared to the period last year. The increase was primarily driven by an increase of $1,300,000 in external costs related to legal fees, professional fees and costs related to capital raises and an increase in employee related cost of $1,900,000 related to full time effect of 2022 hires and changes in senior management. These increases are due to the timing of funding and of projects and business initiatives compared to 2022 and the expansions of the organization throughout 2022 to meet the requirements as a listed company.

Speaker 3

Looking solely at Q4 2023 versus Q4 2022, the G and A cost were down US0.3 million dollars to US2.1 million dollars or 13%. This is primarily driven by reduction in our D and O insurance, but also following reduction in other external spends. The net loss for 2023 amounted to a loss of $22,100,000 compared to a net loss of $23,200,000 last year. And with that, I would like to turn back to you Christian for a few conclusive remarks before the Q and A.

Speaker 1

Thank you so much Jesper. And to end up here with a few conclusive remarks, I think if we look at the past 6 months in the Evacian journey here, I think it's fair to say that the events we have seen unfolding confirms a strong strategy execution. We launched our refined strategy. We anchored that and we are now executing upon it. Importantly, of course, as Birgitte also alluded to the progress with the MSD vaccine collaboration, we had the encouraging initial Phase II data from EBXO-one, and we are progressing our precision vaccine project, which I'm very excited about.

Speaker 1

So strong progress on the strategy execution, and we are looking very much forward towards the upcoming milestones in 2024. The first milestone we had in our externally communicated milestone was SCORSE EBXB1, the conclusion of the final MTA study with a potential pattern that we announced today with encouraging data. Now we are in discussions with the collaborator on path forward. Throughout the remainder of the year, we would have several important milestones, both from a platform, from a compound and from a partnership point of view. And we are looking forward to keeping you all updated on the milestones as we progress them.

Speaker 1

So with that, I would say thank you for listening to the presentation here. And now I'm looking forward to the Q and A session and we will open the floor for questions.

Operator

Thank you. And the first question comes from the line of Ahu Demir from Ladenburg Thalmann. Please go ahead. Your line is now open.

Speaker 4

Good morning. Thank you so much for taking my questions. I have couple. My first question is regarding the today's press release on EBXB1, EBXB1. Curious if you could provide more color on the collaboration as well as data.

Speaker 4

Is this the point where there will be a go, no go decision? And if the collaborator is not willing to move forward, are you planning to move forward? Or is it something that you're not willing to do at this point?

Speaker 1

Yes. No, I mean, I can say and then I'll have Brigitte add additional comments. I mean, we just got the data in and we're excited to see the data. And as you also see in the release, it is, I would say, clinically relevant data here. And now we are in discussion of path forward.

Speaker 1

And of course, it's clear having a set of preclinical data in a large non rodent model is important, especially considering you can say that Staph aureus is an area where you have seen a number of clinical failures. So having a model, which hopefully is more predictive for clinical outcome is important. So right now, we are in discussion with a collaborator. And I would say the data is, of course, supportive of the compound. And Brigitte, I don't know if you have more comments to add to the question here.

Speaker 2

I can add that we have conducted 3 separate studies in this animal model. And I think the data speaks for itself. I mean, it's very promising. And we believe that this model is, I would say, a better indicator for clinical efficacy in the end. I mean, we've conducted mouse animal experiments in the past and with also very promising outcome.

Speaker 2

But I believe that this model in large non rodent animals, it gives a better sign of what we hope to see in a clinical trial. And of course, we think this point is very important because it will be the conclusion on or the dialogue with the collaborator is, of course, only relevant if the data was positive.

Speaker 1

So you can say, of course, it confirms our belief in a strong asset. And of course, it's important for our engaging in discussions around the way forward for this EVA XP1 in partnership based model.

Speaker 4

Makes sense. Thanks, Christian. And I have 2 other questions. The other question I have is on EVX B3. So since it's a major collaborator MSC, curious what are the next steps and when there will be a point to make decision, is it sometime in the near term future?

Speaker 1

Vicky, do you want to take that one?

Speaker 2

So what we have done so far is to use AI immunology to design the vaccine. And the next phase is to manufacture the vaccine and then test it in preclinical models. And we are aiming to reach that by the end of the year.

Speaker 4

I see. Sounds great. And my last question is more general. So since the platform technology you have is versatile, you have Pioneer, Eden, Observe, Raven. So curious if you get any inbounding interest or when you reach out, is there one particular vertical you have more special interest by the pharma or biotech firms.

Speaker 4

So when you are establishing partnership, is there one that's more emphasized in your conversation?

Speaker 1

I would say, first of all, of course, we have been more focused in our external communication as a result of also refining strategy, focusing more on partnerships. And that has, of course, also resulted in more incoming requests. And I would say, we are seeing interest in both the infectious disease side of the business and the oncology or cancer side of business. So I would not say that it's tilted more towards 1 or the other. And Brigitte, of course, you are just in Washington now for the World Vaccine Conference.

Speaker 1

So I don't know if you have a little bit of flavor as well.

Speaker 2

Yes. But I think so our AI immunology platform, I think that the companies can see the benefit of us using all these different building blocks and make or create models that can solve complex immune related health care issues. We have interest in our infectious disease pipeline candidates, but we also see interest in our oncology assets. So I think it will be difficult to answer more specifically than that.

Speaker 1

But of course, as you know, then we had the R and D Day, what's that now, a couple of weeks ago. And this was first time we really talked about this, I think, pretty unique modular architecture of with the various building blocks. And that was also important for understanding what the platform can do and how flexible it is in tailoring it towards partner needs.

Speaker 4

Makes sense. Thank you so much for taking my questions.

Speaker 1

Thanks.

Operator

Thank you. We will now take our next question. Please stand by. And the next question comes from the line of Swayampakula Ramakanth from H. C.

Operator

Wainwright. Please go ahead. Your line is now open.

Speaker 5

Thank you. This is RK from HC Vanwright. Good afternoon, folks.

Speaker 1

Hey, RK.

Speaker 5

Hi. So starting off with EVX B3, so once MSD takes this into the clinic, do you have any additional obligations in terms of developing the molecule? And also, as it enters the clinic, do you get another milestone or is it all dependent on how it progresses through the clinical phases that you get milestone payments?

Speaker 1

Dependent upon the outcome of the current, you can say, discovery design phase here, which then, if successful and of course, if aligned with what the MSD is seeing, then that would result in a traditional licensing agreement. And the level of involvement from our end there is to be discussed and determined at that point in time. Right now, we have a work plan which spans into the second half of this year. And then we will be discussing how do we best combine our capabilities of the 2 companies for the next phases of the vaccine development project. I think it's fair to say, MSD is, of course, very capable in doing larger scale clinical trials, but we also have a lot to add in other phases than just the AI immunology platform itself.

Speaker 1

So it should be decided based upon the outcome when we conclude the work here during the second half.

Speaker 5

Fantastic. And then the EVX B1, obviously, it's very encouraging to see the way the data is progressing in large animals, also reiterating what you had seen in the mouse model. So when do you think you would be able to publish some of this data for us to take a look at? And then obviously, it depends on the partner, but what are the how quickly can this get into the clinic or again, it all depends upon how your collaborator is looking at it? Because this is certainly a very, very I think it's a large unmet need, especially in the surgical wounds.

Speaker 1

Yes. No, there's no doubt. I mean, that's also why we are excited about the data because there is a significant unmet need. And you can say exactly when data will be published, it depends very much on how we are progressing the current discussions and with whom we bring this forward. But of course, our objective is to progress quickly given the unmet need.

Speaker 1

And Birgitte, you can speak a little bit more to how quickly it can be in the clinic. Of course, it is our most progressed infectious disease assets, right?

Speaker 2

Yes. So the next steps would be the final IND enabling activities. So that includes toxicology studies and also the CMC activities. And that is, of course, time consuming activities. It will probably take 1 year, 1 to 1.5 year to get to the point where clinical trial could be initiated.

Speaker 5

Okay. Thank you. And the last question for me is on the Eden version 2, the new AI model that you're working on, what's unique about this version compared to the first one?

Speaker 1

I mean, the unique part about the 5 point 0 that we are looking to launch mid this year is that it incorporates some of the newer building blocks that we also discussed in our R and D Day and thereby, you can say, in short, further increases the predicted capabilities of the Eaton platform, which already is high, but will be even stronger. So it's allowing for, say, even more effective discovery of novel vaccines towards infectious diseases.

Speaker 2

And we also expand the training data set significantly and thereby increasing the precision of the model.

Speaker 5

Great. Thank you. Thank you for taking my questions.

Speaker 1

Thank you, RK.

Operator

Thank you. We will now take our next question. Please stand by. And the next question comes from the line of Thomas Flaten from Lake Street Capital Markets. Please go ahead.

Operator

Your line is now open.

Speaker 6

Hey, guys. Appreciate you taking the question. On the preclinical work you're doing on the IRFs, I was curious if there are any particular tumor models that you're focusing on or are you doing more of a basket approach just to refine a future strategy at

Speaker 1

this point? Brigitte, do you want to take that? Yes. That has been discussed.

Speaker 4

Yes.

Speaker 2

So right now, we are looking into several indications for the IRF based cancer vaccines. And we do see several options, which is very encouraging and very promising. We haven't selected one single indication yet. We might run with a few. And therefore, we haven't settled on the animal model or the mouse model for testing this concept.

Speaker 2

And we do have a huge collection of animal tumor models in house. And therefore, I think we can move once we have decided on the indication, we can move rapidly into the preclinical testing. And I should also mention that we have done a vaccination in animals before. So we do have experience with these types of antigens in preclinical settings.

Speaker 6

Got it. Appreciate that. And have you had any interest whether inbound or generated through your efforts in the EVX-three program?

Speaker 1

Well, I think it's we can't really comment specifically on individual assets. But as we talked about, there are I mean, there's discussions in general around both sides of the business. So and I think we share a lot of excitement around EBX-three. And it's, of course, a key asset for us that we also want to move forward in a partnership based approach. I mean, we did announce that we won't bring it into clinical development ourselves, but that does definitely not mean that we don't want to bring it forward in a partnership based approach.

Speaker 6

Got it. I appreciate you taking the questions. Thank you. Thanks, Oliver.

Operator

We will now take our next question. Please stand by. And the next question comes from the line of Richard Ramnanius from Rediet. Please go ahead. Your line is now open.

Speaker 7

Hello, good afternoon. The first financing question, namely about the prefunded warrants. How many are still outstanding? And how much money do you expect to get from them? And when could you expect to receive that money?

Speaker 1

Yes. You can say it's around $4,000,000 that's still outstanding. And this is related to the technicality that the nominal value of the underlying share for the warrant is held in escrow. So it's around US4 $1,000,000 that we haven't received yet, and we will receive that as the prefunded warrants are exercised. You can say exactly when that is going to happen is difficult to predict.

Speaker 1

But of course, it is shares that's paid upfront. So we would expect that those $4,000,000 are being released from escrow over time, right?

Speaker 7

Okay. And I also wonder about Urb vaccines and how what is your business development model there? Because you're doing precision vaccines, when do you think it would be possible to do a deal there? What kind of interest do you see for precision vaccines in cancer?

Speaker 1

But I think there's a lot of excitement in general around the IRF based concept and also the precision vaccine, I think question is here, when we want to partner and that also depends on how do the preclinical data that we will be generating when we establish proof of concept during second half, how do they look? It doesn't make sense to bring these assets further. So I would say, right now, focus is on establishing the preclinical proof of concept for the precision based vaccine concept and then decide when is the right time to partner. As Birgitte said, I mean, there are several indications where it shows high promise to have a precision based approach. So we'll need to look at the data, compare that to the opportunity and then decide what's the right timing for potential partnering.

Speaker 7

Would you agree that there is a larger interest right now for infectious disease candidates than for cancer?

Speaker 1

No, I wouldn't say that. I think there's equally element of not only personalized vaccines, but also precision based vaccines within the cancer side of the business, which is somewhat different approach than having a personalized approach. So I wouldn't say that there's necessarily more interest in infectious diseases. There's a good level of excitement around both sides. And of course, it's also clear that some of our competitors' data on the personalized vaccines that was announced last year have created additional comfort that this is an exciting area where it makes sense to focus on.

Speaker 7

Yes. And I also wanted to ask about the AI deep or responder program you have, specifically one for checkpoint inhibitors. Because I was thinking since in the indications for certain approved uses in various cancers, it says you need to have a certain level or a certain level of biomarker for PD-one L1 levels. So would this if this could be your approach were approved, that would be quite disruptive. Wouldn't doesn't that mean you would have to sort of redefine how you make indications for checkpoint inhibitors?

Speaker 7

That's my first question. My second related is how what is your monetization model? How I mean, how could you earn money on this?

Speaker 1

Yes. Birgitte, do you want to take the first part and then I can talk about the second part? Yes.

Speaker 2

I can do that. So yes, it is correct that PD L1 tumor expression is yes a biomarker for some cancer indication, including non small cell lung cancer and some of the other huge cancers. And we have also in our AID model, we have also included the expression level of PD L1. And we see that it is only contributing to a minor part of the whole precision of the AI model. It's mainly driven by our PIONEER model and our observed model.

Speaker 2

But it is correct that for some indications, the PD L1 expression is used as a treatment

Speaker 1

biomarker.

Speaker 7

Just wondering how would you have to change how you treat people if your checkpoint response prediction tool is approved?

Speaker 2

So what AID is capable of is to identify the patients that most likely would not benefit from a checkpoint inhibitor treatment. So we'll not risk of excluding patients that would benefit from checkpoint inhibitors.

Speaker 7

Okay. I understand.

Speaker 1

And then to your question around how to monetize on that, I mean, that can be done in several way. Of course, you can say the most straightforward one is positioning as a companion diagnostics, and then it's being sold into other clinical setting or it could also, of course, be of relevance for pharma companies undertaking clinical trials with checkpoint inhibitors because if you are capable of, say, reducing the trial population of a late stage trial by upfront being able to exclude non responders that that means a significant cost saving. But I think where our focus is right now is focusing on how we can bring it forward in a clinical setting and help patients get on to the right therapy quicker. And that could be as a companion diagnostic.

Speaker 7

Yes. I think this is an interesting project you have. And my last question was, do you have any policy for takeover bids because it slips easy to your mind when you see the investments that MSC has made, logical steps there might be to try to make an acquisition?

Speaker 1

Yes. And of course, we can't comment upon any question like that. If something relevant is to be communicated, of course, we will communicate that.

Speaker 7

Okay. Thanks. Those were all my questions.

Operator

Thank you. We will now take our next question. Please stand by. And the next question comes from the line of Ahu Demir from Ladenburg Thalmann. Please go ahead.

Operator

Your line is now open.

Speaker 4

Hello again. I just wanted to ask one more question regarding the odd outstanding debt. What is the current debt on the financial front?

Speaker 1

And I'm very happy to pass that question straight on to our CFO, but I can say it's an EIB loan.

Speaker 3

Yes. So basically, our debt structure is pretty simple. We have an EIB loan, which is of €7,000,000 and it has an expiry date of Q1, 2028.

Speaker 4

Got it. Okay. Thank you very much.

Operator

Thank you. As there are no further questions, I would like to hand back to Christian Kantstrup for any closing remarks. Please go ahead.

Speaker 1

Yes. Thank you so much. And I just want to say thank you to all of you for all the relevant and good questions. And thank you for listening in. We are excited about what has happened over the past several months here and equally excited about what's to come for 2024.

Speaker 1

And we are looking forward to keeping you updated on that. So thank you so much for listening in.

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Key Takeaways

  • Evaxion has refined its strategy around a three-pronged business model—AI immunology platform as the core, with targets (multi-partner discovery deals like the MSD vaccine collaboration), pipeline (own high-value programs) and responders (predictive models) to realize value.
  • The company secured cash runway into Q1 2025 via a $5.3 million private placement and a $15 million public offering, with MSD Global Health Innovation Fund now holding just under 15% of the company.
  • In the EVX-one Phase 2 metastatic melanoma trial, personalized vaccine doses induced strong, specific T-cell responses in the first five patients and maintained a favorable safety profile, with a one-year clinical readout expected in Q3 2024.
  • Evaxion’s infectious disease portfolio advanced as its EBX-B1 Staphylococcus aureus vaccine demonstrated protective efficacy in a large animal surgical site infection model, and the EBX-B3 program with MSD reached its first antigen discovery and design milestones.
  • The company optimized operations in 2023 by reducing headcount by 30% and cutting cash burn by over 50% versus budget, reporting a net loss of $22.1 million for the year while preserving long-term growth prospects.
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Earnings Conference Call
Evaxion Biotech A/S Q4 2023
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