Core Points - Evaxion Biotech A/S has re-established compliance with Nasdaq's minimum stockholders' equity requirement and will remain listed on the exchange [1][8] - The company has significantly strengthened its equity and cash position, focusing on executing its strategy and pursuing 2025 milestones [2][8] - Evaxion completed a public offering of $10.8 million and raised an additional $7.6 million through other capital market activities, totaling approximately $17 million in cash and equity [5][8] Compliance and Financial Position - On January 28, 2025, Evaxion was given until May 12, 2025, to demonstrate compliance with Nasdaq listing rule 5550(b)(1), which requires stockholders' equity of at least $2.5 million [3] - The company has successfully executed its plan to restore equity and has re-established compliance with Nasdaq [3][4] - Nasdaq has imposed a "Mandatory Panel Monitor" for one year, during which Evaxion must maintain compliance to avoid delisting [4] Future Prospects - Evaxion is in discussions with the European Investment Bank regarding the conversion of €3.5 million of its €7 million loan, which is expected to increase equity by $3.7 million upon completion [6] - The agreement with the EIB is anticipated to be finalized in the first quarter of 2025 [6][8] - The company's cash runway has been extended to mid-2026 due to recent capital market activities [5][8]

Core Viewpoint - Evaxion Biotech A/S has successfully closed a public offering of 3,997,361 American Depositary Shares (ADSs) and warrants, raising gross proceeds of $10.8 million to advance its clinical pipeline and support operational expenses [1][4]. Group 1: Offering Details - The public offering price was set at $2.71 per ADS, with one warrant for every two ADSs purchased [1]. - The warrants have an exercise price of $2.71 per ADS, are immediately exercisable, and will expire five years after issuance [3]. - The offering was facilitated by Lake Street Capital Markets and Jones as exclusive placement agents [4]. Group 2: Participation and Use of Proceeds - MSD Global Health Innovation Fund, along with other healthcare-focused investment funds and members of Evaxion's Board of Directors and Management, participated in the offering [2]. - The net proceeds from the offering will be utilized to advance the company's preclinical and clinical pipeline, as well as for ongoing operating expenses and working capital [4]. Group 3: Company Overview - Evaxion Biotech A/S is a clinical-stage TechBio company that leverages its AI-Immunology™ platform to develop innovative vaccines targeting cancer, bacterial diseases, and viral infections [8]. - The company is focused on creating personalized vaccines and addressing high unmet medical needs in infectious diseases [8].

Core Viewpoint - Evaxion Biotech A/S has announced a public offering of 3,997,361 American Depositary Shares (ADSs) and warrants, priced at $2.71 per ADS, to raise approximately $10.8 million for advancing its clinical pipeline and operational expenses [1][4]. Group 1: Offering Details - The public offering includes warrants to purchase up to 50% of the ADSs offered, with an exercise price of $2.71 per ADS, exercisable immediately and expiring five years after issuance [3]. - The offering is expected to close on or about January 31, 2025, pending customary closing conditions [3]. - Lake Street Capital Markets, LLC and Jones are acting as exclusive placement agents for the offering [4]. Group 2: Participation and Use of Proceeds - MSD Global Health Innovation Fund, along with healthcare-focused investment funds and members of Evaxion's Board of Directors and Management, are participating in the offering [2]. - The net proceeds from the offering will be used to advance the company's preclinical and clinical pipeline, as well as for ongoing operating expenses and working capital [4]. Group 3: Company Overview - Evaxion Biotech A/S is a clinical-stage TechBio company that utilizes its AI-Immunology™ platform to develop vaccines targeting cancer, bacterial diseases, and viral infections [8]. - The company aims to transform patient care by providing innovative and targeted treatment options through its proprietary AI prediction models [8].

Core Points - Evaxion Biotech A/S has received a 180-day extension from Nasdaq to comply with the minimum stockholder's equity requirement, which is now set to May 12, 2025 [1][2] - The company has successfully restored its equity above the $2.5 million minimum through the exercise of prefunded warrants and sales of American Depositary Shares, securing a total of $7.8 million [3][9] - Discussions are ongoing with the European Investment Bank regarding the conversion of €3.5 million of a €7 million loan into equity, which is expected to increase equity by approximately $3.7 million upon completion [4][9] - The CEO of Evaxion expressed confidence in the company's strengthened equity and cash position, as well as ongoing interest in potential partnerships and business development agreements [5][9] Financial Position - Evaxion has restored its equity above the Nasdaq minimum requirement through various financial maneuvers, extending its cash runway until the fourth quarter of 2025 [3][9] - The company has secured additional cash and equity amounting to $7.8 million, which has significantly improved its financial standing [3][9] Compliance Efforts - Following a deficiency letter from Nasdaq in May 2024, Evaxion presented a compliance plan and was granted an initial extension, which expired in November 2024 [7] - After appealing the delisting determination, Evaxion successfully obtained another extension from Nasdaq after a hearing in January 2025 [8]

Core Insights - Evaxion Biotech A/S has completed dosing for all 16 patients in its phase 2 trial of the personalized cancer vaccine EVX-01, which targets advanced melanoma, and is on track for data readout in the second half of 2025 [1][2] - The trial is designed to evaluate EVX-01 in combination with Merck's KEYTRUDA® (pembrolizumab), with each vaccine tailored to the individual patient's tumor profile [5][7] - Interim data from the trial presented at the ESMO Congress in September 2024 showed a 69% overall response rate, with tumor reduction observed in 15 out of 16 patients, indicating strong potential for EVX-01 as a treatment option [6] Company Overview - Evaxion Biotech A/S is a clinical-stage TechBio company that utilizes its AI-Immunology™ platform to develop personalized vaccines for cancer and other diseases [11] - The company aims to transform patient care by providing innovative and targeted treatment options, with a focus on high unmet medical needs in oncology and infectious diseases [11] Product Details - EVX-01 is a personalized peptide-based cancer vaccine intended for first-line treatment of multiple advanced solid cancers, specifically designed to engage the patient's immune system [4][7] - The vaccine's development leverages AI technology to create tailored therapies based on individual immune characteristics and tumor profiles [4][7]

Core Viewpoint - Evaxion Biotech A/S has implemented a change in the ratio of its American Depositary Shares (ADSs) to ordinary shares, effective January 14, 2025, transitioning from a one-to-ten ratio to a one-to-fifty ratio, which is akin to a one-for-five reverse ADS split aimed at enhancing liquidity for ADS holders [1][2][5]. Group 1: ADS Ratio Change - The ADS Ratio Change has been made effective, changing from one ADS representing ten ordinary shares to one ADS representing fifty ordinary shares [2]. - This change is designed to support liquidity in the Company's ADSs and is equivalent to a one-for-five reverse ADS split [2][5]. - The exchange of existing ADSs for new ADSs occurred automatically on the effective date, with existing ADSs being cancelled and new ADSs issued [3][4]. Group 2: Impact on Shareholders - All shareholders are uniformly affected by the ADS Ratio Change, which will not alter their percentage interest in the Company's equity, except for fractional ADSs [4]. - Fractional entitlements to new ADSs will be aggregated and sold, with net cash proceeds distributed to ADS holders [4]. - The trading price of the ADS is expected to increase proportionally as a result of the ratio change, although no assurance can be given regarding the actual trading price post-change [5]. Group 3: Company Overview - Evaxion Biotech A/S is a clinical-stage TechBio company that utilizes its AI-Immunology™ platform to develop vaccines targeting cancer, bacterial diseases, and viral infections [6]. - The company is focused on creating innovative and targeted treatment options through its proprietary AI prediction models [6].

COPENHAGEN, Denmark, January 10, 2025 - Evaxion Biotech A/S (NASDAQ: EVAX) (“Evaxion”), a clinical-stage TechBio company specializing in developing AI-Immunology™ powered vaccines, today announced that it is amending the effective date for its plans to change the ratio of its American Depositary Shares (“ADSs”) to its ordinary shares, DKK 1 nominal value (the “ADS ratio”), from the current one (1) ADS representing ten (10) ordinary share to a new ADS ratio of one (1) ADS representing fifty (50) ordinary sha ...

COPENHAGEN, Denmark, December 30, 2024 - Evaxion Biotech A/S (NASDAQ:EVAX) ("Evaxion"), a clinical-stage TechBio company specializing in developing AI-Immunology™ powered vaccines, today announced that it plans to change the ratio of its American Depositary Shares ("ADSs") to its ordinary shares, DKK 1 nominal value (the "ADS ratio"), from the current one (1) ADS representing ten (10) ordinary share to a new ADS ratio of one (1) ADS representing fifty (50) ordinary shares (the "ADS ratio change"). The ADS r ...

Evaxion and the European Investment Bank (EIB) are in advanced discussions about conversion of €3.5 million out of Evaxion's €7 million loan with EIB into an equity-type instrumentSuch conversion is expected to increase Evaxion's equity by $3.7 million immediately upon completionThe conversion would significantly enhance Evaxion's equity and capital structure. As such, it is an important part of Evaxion's plan on ensuring ongoing compliance with the Nasdaq listing requirements An agreement is expected to be ...

COPENHAGEN, Denmark, October 31, 2024 - Evaxion Biotech A/S (NASDAQ: EVAX) (“Evaxion”), a clinical-stage TechBio company specializing in developing AI-Immunology™ powered vaccines, provides business update and announces third quarter 2024 financial results. Business highlights (since last quarterly update) Since the second quarter 2024 business update, we have continued to execute strongly on our strategy and plans with several major milestones achieved. Key highlights include: Significant expansion of the ...