Evaxion(US:EVAX)2026-03-05 14:25Financial Performance - For the years ended December 31, 2025, and 2024, the net foreign exchange impact was a $0.1 million loss and a $0.3 million gain, respectively[709]. - The company does not currently have any loans or holdings with variable interest rates, indicating no material interest rate risk exposure[710]. Agreements and Payments - In June 2020, a license agreement triggered a milestone payment of $35,000, with potential future payments ranging from $70,000 to $250,000[711]. - In July 2025, an agreement with EIB converted €3.5 million of its €7 million loan into equity, increasing equity by $4.1 million[721]. Development Stage - The company is currently in the development stage and expects to remain in that stage for the upcoming year, making trends related to production, sales, and inventory not applicable[712]. Financial Instruments - The exercise price for the 2023 SPA Warrants was converted from $7.07 to DKK 47.99, changing the classification from liability to equity[726]. - The 2025 Investor Warrants were classified as derivative financial instruments due to the exercise price being denominated in a currency other than the company's functional currency[728]. - An amendment to the 2025 Investor Warrants converted the exercise price from $2.71 to DKK 19.15, resulting in a change of classification from liability to equity[729]. Lease and Liabilities - The lease contract for premises customization has a repayment period of 8 years and an interest rate of 6% per annum[731]. - The company has assessed that the customization of premises is a leasehold improvement funded by the lessor, presenting a corresponding liability for the loan from the lessor[731].