Evaxion(US:EVAX)2022-03-30 16:00Fair 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].