Evaxion(EVAX) - 2024 Q4 - Annual Report

Foreign Exchange Gains - For the years ended December 31, 2024, 2023, and 2022, the net foreign exchange gains were $0.3 million,$0.2 million, and $2.4 million, respectively[1101]. Interest Rate Risk - The company does not currently have any loans or holdings with variable interest rates, indicating no material exposure to interest rate risk[1102]. License Agreement and Payments - The company entered into a license agreement in June 2020, which triggered a milestone payment of$35,000, with potential future payments ranging from $70,000 to$250,000[1104]. Financial Instruments and Liabilities - The company issued warrants as part of a loan agreement with EIB, with the liability initially recognized at fair value and subsequently measured at amortized cost[1114][1115]. - The 2023 SPA Investor Warrants and 2024 Public Offering Investor Warrants were classified as derivative financial instruments due to their exercise price being in USD, not the company's functional currency[1116]. - The exercise price for the 2023 SPA Warrants was amended from $7.07 to DKK 47.99, and for the 2024 Investor Warrants from$4.00 to DKK 27.52, resulting in a change from liability to equity classification[1118]. Lease Agreement - The lease contract for premises customization has a repayment period of 8 years and an interest rate of 6% per annum[1120].