Financial Data and Key Metrics Changes - In Q1 2022, cash and cash equivalents were US$31.4 million, a decrease from US$32.2 million as of December 31, 2021 [13] - Research and development expenses increased to US$4.8 million in Q1 2022 from US$3.9 million in Q1 2021, primarily due to higher employee-related costs [14] - General and administrative expenses rose to US$1.6 million in Q1 2022 from US$1.3 million in Q1 2021, attributed to increased external costs [14] - The net loss for Q1 2022 was US$5.8 million, or US$0.25 loss per share, compared to a net loss of US$4.1 million, or US$0.23 loss per share in Q1 2021 [15] Business Line Data and Key Metrics Changes - The company is advancing its lead cancer therapy, EVX-01, towards a Phase 2b clinical trial in combination with Merck's KEYTRUDA for metastatic melanoma [6][7] - Recruitment for the Phase 1/2a clinical trial of EVX-02 has been completed, and it is moving into a dedicated Phase 2b clinical trial for patients with resectable melanoma [8] Market Data and Key Metrics Changes - The company is actively discussing potential partnerships with pharmaceutical and biotech companies, aiming for solid progress in 2022 [7] Company Strategy and Development Direction - The company aims to improve the treatment landscape for melanoma and other cancers using its existing pipeline of cancer therapies [6] - Plans to select a second bacterial product candidate from the EDEN platform and the first viral candidate from the RAVEN platform in the second half of 2022 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving significant progress in partnerships and clinical trials throughout 2022 [7] - The company is focused on validating its AI models to identify unique drug targets, which may enhance clinical success rates [10][22] Other Important Information - The company received regulatory clearance to initiate the Phase 2b trial of EVX-01 in January 2022, with the first patient visit expected in the first half of 2022 [8] - The manufacturing process for personalized medicine has been established, allowing for production timelines of 10 to 12 weeks for EVX-02 [20] Q&A Session Summary Question: Timing for an update on Phase 2a EVX-01 durability of response - Management expects to have data available within the next half to nine months, as they are continuously following up on patients [17] Question: Number of sites for EVX-01 Phase 2b study and enrollment pace - Initial recruitment will start in Australia with multiple sites, targeting to open 10 to 12 global sites [18] Question: Update on EVX-03 in light of EVX-02 advancement - Management is considering speeding up EVX-03 based on data from EVX-02, with ongoing data collection [19] Question: Production timeline for EVX-02 and update on EVX-03 - EVX-02 can be manufactured in 10 to 12 weeks, and this capability is crucial for future trials [20] Question: Data expectations from the ImmunoID NeXT Platform - The company is working to validate its AI system for selecting patients who will respond to immune therapy, with data expected to materialize during the year [23] Question: Timeline for data readout on EVX-02 - Management expects to share data in 2023, focusing on safety and immunological profiling [25] Question: Regulatory submissions for EVX-01 in the EU and U.S. - The process is moving according to plan, with expectations to start in EMA first, followed by FDA [26] Question: Legal proceedings with SSI around CAF09 - Management stated there is no material risk to the conduct of studies, as they already have a license for CAF09 [28]

Fair Value and Valuation - The fair value of warrants granted in December 2021 was estimated at DKK 19.22 (USD 2.93) per warrant [1138]. - The fair value of ordinary shares prior to the IPO was determined by the board of directors, considering various factors including operational developments and market conditions [1145]. - The convertible debt instruments were valued using a present value approach, factoring in the USD to DKK exchange rate and the probability of a qualifying financing event [1142]. - The fair value of warrants granted during 2021 was calculated using the Black-Scholes option pricing model [1136]. - The fair value of the warrant grants has shown an increasing trend, with the highest value recorded at DKK 57.48 (USD 8.60) for grants in December 2019 [1138]. Foreign Exchange and Financial Performance - For the year ended December 31, 2021, the net foreign exchange gain was $1.3 million, while foreign exchange losses in 2020 and 2019 were immaterial [1128]. Lease and Customization Costs - The lease contract includes a repayment period of 8 years with an interest rate of 6% per annum for customization costs [1139]. - The customization of leasehold improvements is funded by the lessor, with the company bearing the full economic risk of the costs [1139]. Risk Assessment - The company has no exposure to material interest rate risk as it does not hold any loans with variable interest rates [1129]. - The company assesses its accounting estimates and assumptions on an ongoing basis, which may lead to actual results differing from estimates [1133].

Financial Data and Key Metrics Changes - The company raised net proceeds of $27.9 million from its US IPO in February 2021, contributing to a cash position of $27 million as of March 31, 2021, compared to $5.8 million as of December 31, 2020 [12] - Research and Development expenses increased to $3.9 million for Q1 2021 from $2.5 million in Q1 2020, primarily due to increased spending on ongoing development and higher employee-related expenses [13] - General and administrative expenses were $1.3 million for Q1 2021, down from $2.8 million in Q1 2020, reflecting increased overhead and professional fees related to the IPO [13] - The net loss for Q1 2021 was $4.1 million, or $0.23 loss per share, compared to a net loss of $3.1 million, or $0.20 loss per share, in Q1 2020 [14] Business Line Data and Key Metrics Changes - The recruitment for phase 1 and 2A trials of the lead immune oncology product candidates EVX-01 and EVX-02 is on track, with data readout expected in late Q2 2021 [7] - EVX-01, a peptide-based therapy, showed one complete response and two partial responses out of five patients in early trials [7] - EVX-02, a DNA-based vaccine for adjuvant melanoma, has five patients recruited to date [8] Market Data and Key Metrics Changes - The company is advancing its RAVEN AI platform for vaccine design and development for viral diseases, leveraging experience from cancer research [9][28] - The company is preparing for regulatory filing for clinical trials of EVX-03 in the second half of 2021 [8] Company Strategy and Development Direction - The company aims to move forward with potential phase 2 trials for EVX-01 and EVX-02 based on data readouts, with preparations already underway [22] - The strategy includes exploring various indications for EVX-03, focusing on solid tumors with high mutation rates [20][24] - The company is committed to non-dilutive funding through government grants to support the RAVEN platform [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that existing cash resources will support operations into 2022 [14] - The company anticipates busy months ahead with significant data readouts and potential advancements in clinical trials [10] Other Important Information - The company published a paper in a peer-reviewed journal regarding Staphylococcus aureus, contributing to the understanding of host-pathogen interactions [9] - The company has moved to new headquarters and research facilities in Denmark [10] Q&A Session Summary Question: Expectations for EVX-01 and EVX-02 data updates - Management expects to determine the recommended phase 2 dose for EVX-01 and will provide an immunological picture for EVX-02 to support potential phase 2 decisions [17] Question: Timeline for phase 2 decisions - Management is preparing for potential phase 2 trials but has not communicated specific timelines, aiming to move forward quickly if data supports it [22] Question: Internal investment versus third-party funding for RAVEN - The RAVEN platform is primarily supported by non-dilutive grants, and the company is rapidly advancing its viral platform based on cancer research experience [28]

Financial Reporting - The company reported a fair value of each warrant grant as of December 31, 2020, estimated at DKK 56.75 and USD 9.35[1091]. - The company has a contingent liability related to CRO agreements of $0.2 million for the year ended December 31, 2019, and nil for 2020[1100]. - The company entered into a license agreement in June 2020, triggering a milestone payment of $35,000, with potential future payments between $70,000 to $250,000[1102]. - The company does not have any material off-balance sheet arrangements as of December 31, 2020[1100]. - The fair value of ordinary shares is determined by the board of directors, considering various factors, as there is no public market for the shares prior to the IPO[1094]. Lease and Contracts - A 10-year lease was signed in September 2020, with an initial monthly payment of $28,800, subject to annual increases of 2% to 4%[1102]. - The company has entered into contracts with Clinical Research Organizations for clinical trials and pre-clinical research studies, which are legally binding[1102]. Development Stage and Risks - The company expects to remain in the development stage for the upcoming year, making trends related to production and sales not applicable[1100]. - The company has no exposure to material interest rate risk as it does not hold any variable interest rate loans[1097]. - The foreign exchange loss for the years ended December 31, 2020, 2019, and 2018 was immaterial, with a 10% change in foreign exchange rates expected to have no material impact on operating results[1096].