Evaxion A/S Q2 2026 Earnings Report

Evaxion A/S EPS Results

• Actual EPS: N/A
• Consensus EPS: -$0.01
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Evaxion A/S Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $6.70 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Evaxion A/S Announcement Details

• Quarter: Q2 2026
• Date: 8/21/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, August 20, 2026
• Conference Call Time: 8:30AM ET

Evaxion A/S (NASDAQ:EVAX) is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, with additional operations in the United States. The company specializes in the development of immunotherapies and vaccines driven by its proprietary AI-based computational immunology platform. By leveraging machine learning and deep learning algorithms, Evaxion identifies and optimizes antigen targets for both therapeutic cancer vaccines and prophylactic vaccines against infectious diseases.

At the core of Evaxion’s business is its AI platform, which analyzes large datasets of genomic, proteomic and immunological information to predict immune-stimulating epitopes. This approach aims to accelerate candidate discovery, refine antigen selection and enhance the precision of vaccine design. Evaxion’s pipeline encompasses a range of oncology programs targeting solid tumors as well as prophylactic vaccine programs focused on pathogens with high unmet medical need.

Evaxion traces its origins to academic collaborations at the University of Copenhagen and has evolved into a publicly traded company listed on the NASDAQ under the ticker EVAX. The company is led by CEO Thomas Krogh Nielsen, who brings extensive experience in biotech product development and corporate strategy. Under his leadership, Evaxion has entered into research partnerships with academic institutions and industry partners to advance its pipeline through preclinical and early clinical milestones.

Serving a global market, Evaxion collaborates with research centers and biopharma organizations across Europe and North America. Its AI-driven approach is positioned to address challenges in vaccine development by reducing time-to-candidate and improving the likelihood of clinical success. As Evaxion continues to expand its technology platform and advance its pipeline, the company aims to deliver novel immunotherapies and vaccines to patients worldwide.

Evaxion A/S Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: EVX-01 remains the lead value driver: Evaxion plans to present three-year Phase II melanoma data at ESMO in October, including durability, overall response, and immune-response results. Management said prior data showed a 75% overall response rate and 92% of patients remaining in response at two years.
• Positive Sentiment: Management viewed Moderna and Merck’s positive personalized cancer-vaccine Phase III results as validation for the broader field and said the development could support Evaxion’s ongoing partnering discussions around EVX-01.
• Neutral Sentiment: Evaxion introduced EVX-05, an early-stage off-the-shelf vaccine program for glioblastoma based on AI-selected endogenous retrovirus antigens. Target discovery is complete, but lead selection and IND-enabling work remain ahead, and the company has not provided a timeline for starting human trials.
• Positive Sentiment: EVX-04 for acute myeloid leukemia is progressing toward regulatory filing by year-end, while new preclinical data for EVX-04 and the CMV vaccine EVX-V1 showed immune activation and potential functional effects, according to management.
• Negative Sentiment: Evaxion reported a second-quarter net loss of $3.7 million and ended the quarter with DKK 14 million in cash. Management expects its runway to extend into the second half of 2027, but said it has activated its ATM facility, which could provide funding at the cost of shareholder dilution.

Presentation

[Operator]

Good day, and thank you for standing by. Welcome to the Evaxion business update and second quarter 2026 financial results. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Helen Tayton-Martin, CEO. Please go ahead.

[Helen Tayton-Martin, CEO at Evaxion]

Thank you, speaker. I'm Helen Tayton-Martin. I'm the Chief Executive of Evaxion, and we're delighted today to be presenting our Q2 business update. I'm joined today on the call by Birgitte Rønø, our CSO and COO, who will provide an overview of our updates in our R&D pipeline and AI-Immunology platform. Then I'll hand over to Thomas Schmidt, who will talk through our Q2 financial results before we bring it back to conclusions and Q&A. First, of course, we may make forward-looking statements, and the audience is advised to look at our recently filed SEC documents. Now I'll kick off the discussion. Really Q2 has been marked by a series of achievements in our four core areas or four core platforms for the company. First of all, just focusing on business development.

[Helen Tayton-Martin, CEO at Evaxion]

As previously and ongoing through the course of this year, there are many discussions we are having with partners regarding the Evaxion programs and pipeline. We've had a stream of very encouraging new data, which continues to come through and continuously validate the AI-Immunology platform, which really feeds into those various conversations, and we'll touch on some of those today. In particular, in our R&D area, we have been very pleased to be accepted to present further updates on our EVX-01 program, our personalized neoantigen cancer vaccine in advanced melanoma patients. Obviously, it was a great day for the field yesterday to see the positive phase III results from the similar Moderna Merck program in personalized cancer vaccine in melanoma produced.

[Helen Tayton-Martin, CEO at Evaxion]

It will be great for us and the field to talk more about that as we head into ESMO and an update on our own data there. Elsewhere, we have been working to refocus and expand the pipeline, leveraging our learnings with our EVX-03 and EVX-01 platform actually into a new program, which we call EVX-05 in glioblastoma, where we are further leveraging the ERVs that we have been able to identify, highly conserved ERV antigens for glioblastoma, building on what we have done in our EVX-04 program, using a similar approach to use AI-Immunology to find highly conserved and ERV antigens in AML. So we've presented new preclinical data on that earlier this year at the European Hematology Association annual conference, and we've also updated in our infectious disease portfolio on our EVX-V1 CMV program, too, at the recent International Herpesvirus Workshop last month.

[Helen Tayton-Martin, CEO at Evaxion]

More broadly on AI-Immunology, the platform itself, we were really delighted to see that recognized in the Prix Galien UK award, a second Prix Galien award we have had for the technology in the last 12 months. It is very exciting to see that being recognized more broadly, more globally in terms of the value in AI-Immunology prediction for our programs in infectious disease, oncology, and autoimmune disease. Finally, in terms of the core of our updates, we have maintained a disciplined focus on our resource allocation, really strongly aligned to where we can build the most value from the platform. With that discipline, we can confirm that our cash runway remains unchanged with cash at hand to fund our operations into the second half of 2027, and Thomas will talk more about that.

[Helen Tayton-Martin, CEO at Evaxion]

Just a reminder before we jump into it, our pipeline consists of a number of programs in cancer and infectious disease at the current time. EVX-01 will be a focus for Birgitte's presentation in a few moments, and obviously also including our EVX-04 and EVX-05 programs, which are focused on the conserved ERV off-the-shelf antigen vaccines. In infectious diseases, we have a number of preclinical programs there, and some of which are partnered, one with Merck, one with Aprogen, and data is continuing to build around the interest that we have on those programs from partners.

[Helen Tayton-Martin, CEO at Evaxion]

In terms of where we are, as we meet the halfway point of 2026, we have already met the first of our milestones in terms of updating on the EVX-01 platform at AACR earlier this year with biomarker and immunogenicity preclinical data alongside the clinical data from year 2 at ESMO last year. We have mentioned already, and we will be updating on the 3-year data from that program with efficacy results at ESMO in October. In the rest of the course of this year, we will be talking more about the application of AI-Immunology in autoimmune disease, as well as planning for the regulatory filing of that EVX-04 program, the off-the-shelf program in AML. Finally, we will have an update on our group A strep program with the design and preclinical validation of antigens and the EVX-04.

[Helen Tayton-Martin, CEO at Evaxion]

We continue to prosecute a partnership approach around these programs and platforms where we see value creation. With that, I will hand over to Birgitte, who will talk you through our R&D and AI-Immunology update.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Thank you, Helen. Today, I will focus on our lead asset, EVX-01, our personalized neoantigen cancer vaccine currently in phase II in advanced melanoma. Then I will present our new off-the-shelf EVX-05 vaccine program, demonstrating the scalability of our AI-Immunology platform into the hard-to-treat and deadly brain cancer, glioblastoma. Lastly, I will showcase how AI-Immunology identified T cell epitopes are relevant in controlling CMV infections. As Helen mentioned, we will present three-year EVX-01 phase II outcome data at the ESMO Congress, in October. This data includes evaluation of the vaccine's effect as standalone and also in combination with anti-PD-1 treatment. The data will potentially give further insight into enhanced treatment effects, and also the durability of EVX-01-induced immune responses. Collectively, these data provide a more comprehensive assessment of the full potential of EVX-01 to strengthen the already strong clinical data package.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Looking back at previously announced data from the EVX-01 phase II trial, we reported strong EVX-01 induced immune activation at the AACR meeting in April. We were able to show that 86% of the EVX-01 vaccine targets triggered a tumor-specific immune response, which is a substantially higher frequency than what has been reported for other similar vaccine candidates. Furthermore, we also showed that 86% of the immunogenic vaccine targets induced a de novo T cell response, meaning that EVX-01 specifically triggers novel T cell responses rather than amplifying existing responses. This is very important, as induction of de novo T cell responses has been linked to clinical benefit. At the ESMO Congress last year, we reported two-year outcome data including a 75% overall response rate, 25% complete responses, and 92% of the patients still being in response, indicating durable clinical benefit.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Importantly, more than half of the patients converted into an improved clinical response upon EVX-01 treatment. Over the last approximately 10 years, personalized neoantigen vaccines has shown promise across several early-phase clinical studies. With the Moderna and Merck announcement yesterday, we can definitely say that the field is moving from promising experimental immunotherapy towards a clinically validated therapeutic modality, with a clear and realistic path to regulatory approval. These data are not just only a win for Moderna and Merck, but it is a win for the entire field as they broadly validate the personalized neoantigen vaccine concept. Overall, with our encouraging EVX-01 data and with the validation from Moderna and Merck, we believe that we are well-positioned as we move forward towards further value creation. Let us turn our focus to our off-the-shelf cancer vaccine programs.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

In collaboration with Duke University, we are developing an off-the-shelf vaccine, EVX-05, for glioblastoma or GBM, targeting conserved antigens, as announced earlier this week. GBM is the most common and most aggressive primary malignant brain tumor. Despite surgery followed by chemoradiation, outcomes remain very poor, with a median overall survival of approximately one year, underscoring a significant unmet medical need. Our EVX-05 approach builds on the same novel and broadly applicable concept as EVX-04, as it is designed with AI-Immunology to target conserved tumor-specific antigens derived from endogenous retrovirus elements, or ERVs, which are part of the dark genome. The target selection process allows for broad tumor coverage despite immune and tumor ERV antigen differences across patients. We have applied AI-Immunology, our AI-powered target discovery approach, and identified an optimal set of ERV fragments, based on cross-patient relevance and immunogenic potential.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

And we have mined patient sequencing data, identifying approximately 1.5 million ERV fragments and selected 16 of these as the fragments that will be included in the EVX-05 vaccine. Next steps include lead candidate selection and IND-enabling activities prior to a first-in-human study that is expected to be conducted in collaboration with the world-leading GBM experts we are collaborating with at Duke University. Our other off-the-shelf cancer vaccine program, EVX-04, is also progressing well. EVX-01 targets multiple conserved ERVs, in the case of this program, identified in AML patient samples. As Helen mentioned, we presented novel data at the European Hematology Association Congress in June, demonstrating that the EVX-04 vaccine is expressed and secreted by human cells, enabling immune recognition and activation.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Further, we showed that the 16 ERV targets included in the EVX-04 vaccine activate human immune cells across different HLA types, and that these ERV-reactive immune cells can mediate targeted cell killing, indicating not only immune recognition but also relevant functional impact of these vaccine-induced immune cells. Collectively, these data highlights EVX-04's potential as a new, effective therapeutic cancer vaccine, and we look forward to reporting further data as the program progresses towards regulatory filing later this year. Another promising program presented at a scientific conference during the summer is our EVX-V1 cytomegalovirus or CMV vaccine program. In EVX-V1, we are using AI-Immunology to design known targets, optimizing them, and also to identify previously unexplored vaccine targets.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

At the International Herpesvirus Workshop in July, we presented new data demonstrating that T cell epitopes discovered with AI-Immunology have the potential to control acute infection, latency, and also reactivation in CMV-infected mice. This is a key finding as it complements previous results demonstrating the ability of both novel and optimized known B cell antigens to reduce viral infection. The data will guide antigen selection for a broadly protective CMV vaccine candidate and as such, represent a very important step forward for the EVX-V1 program. Having highlighted progress across our key R&D programs, let's now focus on our AI-Immunology platform and the data validating its ability to generate high-quality product candidates. AI-Immunology is clinically validated with positive outcome in 3 out of 3 oncology trials.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Preclinically, we demonstrated vaccine proof of concept across multiple disease areas, including cancer with our ERV-targeting vaccines, as well as in infectious diseases with several candidates against bacterial and viral pathogens. Importantly, the EVX-01 concept is highly scalable with potential in other solid tumors. Additionally, the novel ERV-based cancer vaccine concept is used in both our off-the-shelf programs, EVX-04 and EVX-05. Finally, AI-Immunology supports multiple modalities including peptides, recombinant proteins, DNA and RNA platforms, enabling both pipeline and partnering potential. In conclusion, we have demonstrated strong progress across our R&D pipeline, and we look forward to providing updates as our programs progress. With that, I will hand over to Thomas, who will present our quarterly financial results.

[Thomas Schmidt, CFO at Evaxion]

Perfect. Thank you, Birgitte. Let me jump straight into the presentation of the financial results for the second quarter of 2026. The main highlights to start with that for the quarter is that we have indeed continued our disciplined resource allocation throughout our strategy direction, of course, and certainly also very much aligned to the priorities around the value drivers that we have defined and also communicated earlier for this year. So full alignment and full progress on those elements. We are certainly also on track to deliver according to our financial plan, which both shows in the Q2 results but certainly also confirmed from the cash position that we do have. The cash position we can reconfirm, as mentioned by Helen already, that we have a cash runway that runs into the second half of 2027. So reconfirmed and maintained from earlier communication also.

[Thomas Schmidt, CFO at Evaxion]

Looking a little bit closer to our profit and loss statement for the quarter. Overall, we see a slightly reduced operating expenses, mainly driven from our general and administration costs, or the G&A costs, where we have significantly lower capital market costs in Q2 compared to the same period last year. On the R&D front, expenses do show a slight increase versus last year, but it's fully aligned with all the progress that Birgitte just mentioned on EVX-01, EVX-04, EVX-05. Again, also those programs are confirmed within our cash runway until the half year to 2027. We reported a net loss for the period of $3.7 million. Again, as mentioned already, on plan and following the execution that we've set for this year. Balance sheet, we have a cash position at the end of the quarter of DKK 14 million.

[Thomas Schmidt, CFO at Evaxion]

We are again reconfirming our cash runway, and the equity that we also have reflects the result for the first six months, meaning that we are at DKK 9.5 million at the end of the second quarter, reflecting that versus last year of the net result. All in all, a good financial performance aligned with expectation and certainly aligned with the progress of our platform and portfolio. With that, I hand it back to Helen for some concluding remarks.

[Helen Tayton-Martin, CEO at Evaxion]

Thanks, Thomas, and thanks, Birgitte. In conclusion, I would want to emphasize that we've seen some really good operational momentum on our set milestones and actually with a new program emerging with EVX-05 from all of our activities, but still maintaining our cash runway into the second half of 2027. We're really excited by the stream of new data that we've continued to generate with the team that continues to validate that AI-Immunology can deliver products, real meaningful products, for future development. That is the core underneath all of our ongoing business development discussions as we continue to process which programs that we bring forward and with which partners. With that, we are very happy to take questions. Thank you for your attention.

[Operator]

Thank you. To ask a question, you will need to press star 1 and 1 on your telephone, and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. One moment for our first question. This question comes from Thomas Flaten from Lake Street Capital Markets. Please go ahead.

[Thomas Flaten, Analyst at Lake Street Capital Markets]

Good morning, everybody. Just two questions on EVX-05. I was curious if you could perhaps delineate when we might expect to see some more news out of that program. Then if you could elaborate a little bit on the specific role that Duke played in the development up to date.

[Helen Tayton-Martin, CEO at Evaxion]

Sure. Birgitte?

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Yeah. The collaboration with Duke has been ongoing for quite some time. They do have a lot of sequencing data from the patients that they're treating in their clinic. We received sequencing data for some of those and were able to identify. First we did our personalized approach, looking into the profiles of the ERV and new antigen expression. Then as EVX-04 were in parallel progressing and this off-the-shelf concept were developing, we were able to use some of the same approaches, and analyze these samples for identifying conserved ERVs. We were very pleased to see that across these many patients, there were shared features indicating that we could definitely generate an off-the-shelf or design an off-the-shelf therapy. It's still, as I mentioned, a bit early in the development path.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

We have conducted and concluded on what we would call target discovery, so selecting the targets that will be included in the vaccine, and we are now heading towards lead selection. We have designed several different candidates that are now being experimentally tested. Then it is the classical path with R&D enabling activities and then the first-in-human study. We have not yet settled entirely on a timeline for all of these activities, but that is what we are working on at the moment.

[Helen Tayton-Martin, CEO at Evaxion]

More to come.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

More to come, definitely.

[Helen Tayton-Martin, CEO at Evaxion]

Thank you.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Yeah.

[Operator]

Thank you. We are now going to move to our next question, and this one comes from RK from H.C. Wainwright & Co. Please go ahead.

[Swayampakula Ramakanth, Analyst at H.C. Wainwright]

Thank you. Good afternoon, Helen, Birgitte and Thomas. There are a few questions from me, but let me, hopefully, I could go one at a time. Starting off on EVX-01, obviously, it was exciting to see yesterday's news from the Merck Moderna collaboration, because it validates the program that you have been working on for a while now. Going into ESMO, for the three-year EVX-01 extension data, Birgitte, what would you consider a clinically meaningful durability result? Especially in the standalone vaccine period. How would that help your discussions with either the partners that are currently looking at this program or even the AI model itself, that helped generate EVX-01 on a broader perspective?

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Yeah. For the EVX-01 clinical data that we would like to see at ESMO is basically that we have almost the same or even improved overall response rates. We should remember that these patients, advanced melanoma patients, if they only receive checkpoint inhibitors, then almost half of them by the five-year mark, are actually having a severe disease or even passed away. There is definitely a high unmet medical need for these patients. We would like to see that we have durable responses, so the same number of patients remains in response as at the two-year mark. Further, the T-cell responses are maintained. That is, we would consider that as positive data, positive outcome of this extension phase.

[Swayampakula Ramakanth, Analyst at H.C. Wainwright]

Thank you.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

And then you had an additional comment around how this data would potentially support partner-

[Swayampakula Ramakanth, Analyst at H.C. Wainwright]

Yes

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

partnership discussions. Yes. So there's no doubt that the more positive data we can generate would be appreciated in these discussions. And I think the validation that came out yesterday of the personalized cancer vaccine concept definitely also is supportive or supports us in these discussions. We have been waiting, the whole field has been waiting for these phase III data for a long time. And it's not just a win for Moderna and Merck, but it's actually a win for the whole field. So definitely, we see this as very encouraging and positive and not just bad competitor news. It's very positive.

[Swayampakula Ramakanth, Analyst at H.C. Wainwright]

Perfect. Then going on to the off-the-shelf molecule, EVX-04. In terms of getting it ready to get into the clinic, what are the gating steps here? Is it manufacturing? Is it CMC or making sure that you have enough investigators who will do the right thing when you start taking this into the clinic?

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Yes. So EVX-04 is, we have done target discovery. We have selected the lead, and now we are conducting IND-enabling activities, so that includes the GMP manufacturing. And then, of course, we need to check that the molecule that is produced is also capable of driving a strong immune response. And then at the same time, we also engaging with clinical sites, ensuring that we have a setup for testing the EVX-04 molecule. We plan to take this program into the clinic, but we are, of course, always interested and are engaging with companies. So, yes.

[Helen Tayton-Martin, CEO at Evaxion]

Yeah.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

It is not necessarily dependent on us entering into a partnership.

[Helen Tayton-Martin, CEO at Evaxion]

All of those activities are ongoing and on track.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Yeah.

[Helen Tayton-Martin, CEO at Evaxion]

I think in terms of clinical sites, protocol development, GMP production, compiling the necessary regulatory documentation, that contributes to our timeframe that we put out publicly. No change there, no concern at the moment with all those activities.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

On track with the communicated timelines of regulatory filings by the end of the year.

[Swayampakula Ramakanth, Analyst at H.C. Wainwright]

Oh, thank you. I got a couple more questions, one for Helen. You and even the previous management have been kind of talking about potential partnerships over a couple of quarters now.

[Helen Tayton-Martin, CEO at Evaxion]

Yeah.

[Swayampakula Ramakanth, Analyst at H.C. Wainwright]

At this point, what can you tell us in terms of where some of these discussions are. And if you would like to characterize the stage of the most advanced ones, where are they at? Are they at the due diligence part, the exploratory part, or they're almost in the hands of the lawyers and waiting for them to get things put into print?

[Helen Tayton-Martin, CEO at Evaxion]

Sure. That's an obvious It's a good question, RK, but one I can't really answer as transparently as you would like. I would say in our oncology conversations, obviously clinical data that we have, that Birgitte's talked about, particularly EVX-01, has been very meaningful. But I think to some extent, the validation of the whole field in terms of seeing a company with a similar sort of program able to bring that forward to a registrational study has quite an impact. I think whilst we've been doing various levels of dialogue and diligence, things have been somewhat, there's sort of a wait to see how the field pans out. And I think hence Birgitte's comments earlier about the positive endorsement that this provides for all of us who think have programs that are actually quite differentiated in terms of what they can offer, and beyond melanoma as well.

[Helen Tayton-Martin, CEO at Evaxion]

In amongst all of that, I think that the novelty around the ERV platform, the ability to find the conserved antigens from the dark genome has also piqued quite a bit of interest. And coming in with a second program there in a very difficult to treat brain cancer accelerates that interest. I've been doing BD for 20-odd years, and things can go very fast when there's motivation and competition, and sometimes it can take two years. I would say that we are in active conversations. And obviously we'll be very happy to update when we can.

[Swayampakula Ramakanth, Analyst at H.C. Wainwright]

Thank you. One last question from me. Thomas, when we look at your operations in the first half, the cash use was about $8.3 million. It looks like your quarterly burn rate is about $4 million-plus. Against the DKK 14 million that you have in the bank now, can you walk us through your assumptions of how to get into second half 2027? Are you expecting cash infusion either organically or inorganically?

[Thomas Schmidt, CFO at Evaxion]

Yeah. No, good. Thanks, RK. Maybe first part of your question. Our cash out is not linear in the sense of each quarter just to extrapolate that. Of course, what we've seen and done, in Q2, even in Q1, isn't just automatically to be extracted for the full year. There are some differences. Now, we are and will expect to remain on that level that we've communicated also, that's at roughly DKK 14 million for the year. We might, and I would expect to be even slightly lower than that. It's not a round figure as such. We do have, of course, DKK 14 million, as you rightfully have seen on the bank account. Please also do remember, of course, that there are some normal fluctuations based on we're predominantly a DKK-based company versus the U.S.

[Thomas Schmidt, CFO at Evaxion]

There are some fluctuations from a pure Forex perspective into that also. On top of that, we still do expect that with the runway and with the focus on where we spend, how we spend, that we still, as mentioned earlier, can confirm that we are in the second half of 2027. We will, of course, utilize the different things that we have available to us. One is also, not that that has gone in, I should start saying, into the plan in terms of how we've communicated half to 2027, but we do have an ATM to facilitate that we can make use of. Actually, just as of yesterday, we also activated some of that ATM also in the market. Based, of course, on the positive news as we've seen and the volume in our price.

[Thomas Schmidt, CFO at Evaxion]

We will make use of those type of possibilities from an ATM perspective. Plus, of course, when we also, at a point in time, announce deals or partnerships, that will certainly also add to it. But with the current straight runway and with our prioritized programs, we are very confident that we will go and get into the second half of 2027.

[Swayampakula Ramakanth, Analyst at H.C. Wainwright]

Thank you. Thank you all for taking all my questions.

[Helen Tayton-Martin, CEO at Evaxion]

Thank you.

[Thomas Schmidt, CFO at Evaxion]

Thank you.

[Operator]

Thank you. We are now going to take our next question. This question comes from Debanjana Chatterjee from JonesTrading. Please go ahead.

[Analyst at JonesTrading]

Hi. Good morning, everyone. This is Avni on for Deepanjana. We had a few questions as well. The first one that we wanted to ask was, which glioblastoma patients are most likely to benefit from the EVX-05 cancer vaccine that you are developing?

[Helen Tayton-Martin, CEO at Evaxion]

We haven't specified a specific population.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

We are still working on identifying or we're still looking into different patient subsets and looking at the different ERV profiles and seeing what would be the most optimal patient population. Further, we are, of course, also looking into standard of care and combination therapies. One should be a little bit cautious on combining a vaccine with chemotherapy. There might be an option of going into those patients that are not benefiting from classical chemotherapy treatments. But we haven't entirely settled on the specifics around the clinical trial design.

[Analyst at JonesTrading]

Okay. As a quick follow-up, what should we expect as the timeline for initiating that first-in-human clinical trial? What are some key milestones that investors should be watching for before that trial initiates?

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Yeah, so we are early in the preclinical development. We have concluded on target discovery, so using our AI-Immunology for mining the patient data and now have a set of optimal ERVs that will be included in the EVX-05 vaccine. We are screening. We have designed several different vaccine candidates, are now experimentally testing those to select the lead candidate. Then it is the classical R&D enabling activities prior to the first-in-human study. As mentioned, we are working together with Duke University. We have not communicated any firm timelines on this program, as we need to see, first of all, lead selection before we start communicating timelines.

[Helen Tayton-Martin, CEO at Evaxion]

We are leveraging the same platform for EVX-04 and EVX-05 in terms of delivery methodology.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Yes.

[Helen Tayton-Martin, CEO at Evaxion]

Which definitely will reuse the expertise and experience there from the GMP production side of things. More to come on the timelines, but certainly, there is a lot we know about how to bring this kind of platform forward, given the way we have done it already for EVX-04.

[Analyst at JonesTrading]

No, thank you for that color. As a final question, beyond glioblastoma, how broadly applicable do you believe the ERV targeting approach could be across various solid tumors? Then broadly, how does the EVX-05 fit into the long-term strategy of building that AI-driven oncology franchise?

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Yeah. We have worked a lot in using AI-Immunology to mine patient data across several different indications. We do see that there are certain patient subtypes where they have shared ERV antigens. There is definitely an option of applying this approach more broadly, but it is dependent on the profiles of those indications. But definitely more options for scaling this into other solid tumors and also hematologic malignancies.

[Helen Tayton-Martin, CEO at Evaxion]

I think what is interesting is that often where there is not a high mutational burden, there often is a high ERV frequency, and that is what we have been looking into. Often where there is not an opportunity to take a personalized approach forward because of low mutational burden, that does not seem to be the case with the ERVs. More to come on that as we have been teasing this apart. We think it really does broaden out the opportunity in terms of the cancer vaccine approach for novel targets.

[Analyst at JonesTrading]

Thank you. Exciting times ahead. I appreciate you taking my questions.

[Birgitte Rønø, Chief Scientific Officer and COO at Evaxion]

Thank you.

[Operator]

Thank you. As a reminder, to ask a question, you will need to press star 1 and 1 on your telephone. That is star 1 and 1 to ask a question. There seems to be no further questions for today, so I will hand the call back to Helen for closing remarks.

[Helen Tayton-Martin, CEO at Evaxion]

Thank you. Thank you everyone for listening in today and for the excellent questions that we've had. We're really excited about the operational momentum that we've been able to deliver, about the interest in the programs coming in on the back of a really exciting time for personalized cancer vaccines in the whole field. So exciting things to come, and we look forward to updating you further in the second half of the year. Thank you.

[Operator]

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

Participants

Analysts

• Helen Tayton-Martin, CEO at Evaxion
• Birgitte Rønø, Chief Scientific Officer and COO at Evaxion
• Thomas Schmidt, CFO at Evaxion
• Thomas Flaten, Analyst at Lake Street Capital Markets
• Swayampakula Ramakanth, Analyst at H.C. Wainwright
• Analyst at JonesTrading