Financial Data and Key Metrics Changes - The company reported a cash position of $14.7 million as of June, with an expected operating cash burn of approximately $14 million, providing a runway until mid-2026 [13][18] - The operating loss for Q2 was $4.3 million, compared to $4.6 million in the same period last year, indicating a slight improvement [15][16] - The net loss for the quarter was $4.8 million, down from $6.2 million in the same period last year, primarily due to lower net financial expenses [16] Business Line Data and Key Metrics Changes - The company has expanded its R&D pipeline with the addition of EVX004 and EVX B4 programs, focusing on cancer and infectious diseases [4][8] - The EVX-one program is currently in Phase II clinical development, with a two-year data presentation scheduled for the ESMO Congress in October [6][7] Market Data and Key Metrics Changes - The company has received a grant from the Gates Foundation for a polio vaccine project, which is expected to enhance its market presence and attract further partnerships [5][8] - The partnership with MSD is progressing, with potential option exercises anticipated in 2025 [4][19] Company Strategy and Development Direction - The company is actively seeking partnerships to advance its clinical development towards registration, particularly for the EVX-one program [7][8] - Business development remains a key priority, with multiple partnership discussions ongoing across its R&D pipeline [19] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenging financial markets and increased regulatory uncertainty impacting deal execution [4] - The company remains optimistic about its operational momentum and potential value catalysts, with cash reserves sufficient to support operations until mid-2026 [19] Other Important Information - The company converted €3.5 million of its loan from the European Investment Bank into equity, strengthening its capital structure [12][18] - The total equity as of June was reported at $6.2 million, which is expected to increase following the equity conversion [15][17] Q&A Session Summary Question: What remaining steps are there for Merck to decide on the option for the programs? - The company is on track with timelines for both collaborations with Merck, with promising data generated and expected conclusions in 2025 [21][23] Question: What is the focus of the business development conversations? - Discussions are ongoing across both oncology and infectious disease areas, with a focus on target discovery collaborations using AI immunology [24] Question: How will the two-year data compare to the one-year data for EVX-one? - The two-year data has not yet been disclosed, but the company has gathered additional information since the one-year data, with 11 patients still active in the trial [28][30]

Financial Data and Key Metrics Changes - The company reported a cash position of $17.8 million at the end of Q1 2025, significantly up from $6 million at the end of 2024, indicating improved liquidity [23] - The operating loss for Q1 2025 was $3.9 million, compared to $4.4 million in the same period last year, reflecting lower operating expenses [24] - Total equity at the end of Q1 2025 was $10.3 million, a significant increase from the end of 2024, strengthening the company's financial position [27] Business Line Data and Key Metrics Changes - The company is on track to complete at least two new business development deals in 2025, despite increased risks due to the macroeconomic environment [6][7] - The EVX-one cancer vaccine continues to yield positive data, with 80% of neoantigens eliciting an immune response, which is higher than similar candidates [12][16] Market Data and Key Metrics Changes - The current turmoil in financial markets has led to potential partners pausing discussions, impacting deal execution [6][7] - The company is focusing on potential partners less affected by the macro environment to mitigate risks [7] Company Strategy and Development Direction - The company aims to maintain a strong execution momentum with a focus on value realization through a multi-partner approach [30] - Key milestones for 2025 include the Merck decision on option exercise and the EVX-one Phase II two-year readout, which are expected in the second half of the year [14][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the increased regulatory uncertainty and its impact on deal execution but remains confident in achieving business development targets [6][7] - The company has a cash runway until mid-2026, which supports upcoming clinical data readouts and potential option exercises from Merck [29][31] Other Important Information - The company has been active at various scientific conferences, presenting strong data and engaging with potential partners [12][13] - The first patient has been dosed in the one-year trial extension for EVX-one, allowing for better understanding of the vaccine's standalone effect [18] Q&A Session Summary Question: Was there a meaningful bias between CD4 and CD8 positive T cells in the two-year EVX-one data? - Management noted that CD4 T cells were primarily observed, with CD8 T cells present in approximately half of the patients, driven by the peptide-based nature of the vaccine [33] Question: Is the intention for the lead ERV candidate to be an ERV hotspot vaccine only, or will it combine with personalized cancer neoantigens? - The precision concept aims for an off-the-shelf vaccine with broad coverage, not initially combining it with other vaccine types [35] Question: Thoughts on the UK repurposing a meningitis vaccine for gonorrhea? - Management highlighted the urgency for effective preventive therapies for gonorrhea, indicating comfort regarding the commercial potential for EBXB2 [36]

Financial Data and Key Metrics Changes - The company reported a cash position of $17.8 million at the end of Q1 2025, significantly up from $6 million at the end of 2024, indicating improved liquidity [22] - The operating loss for Q1 2025 was $3.9 million, compared to $4.4 million in the same period last year, reflecting lower operating expenses [23] - Total equity at the end of Q1 2025 was $10.3 million, a significant increase from the previous year, and well above NASDAQ listing requirements [26] Business Line Data and Key Metrics Changes - The company is on track to complete at least two new business development deals in 2025, despite increased risks due to macroeconomic conditions [6][7] - EVX-one, the personalized peptide-based cancer vaccine, is currently in Phase II trials and has shown positive immune response data, with 80% of vaccine targets eliciting a specific immune response [15][16] Market Data and Key Metrics Changes - The current turmoil in financial markets has led to potential partners pausing discussions, impacting deal execution [6][7] - The company is focusing on potential partners less affected by the macro environment to mitigate risks [7] Company Strategy and Development Direction - The company aims to maintain a strong execution momentum with a focus on value realization through a multi-partner approach [29] - Key milestones for 2025 include the Merck decision on option exercise and the two-year readout for EVX-one, which are expected to drive future growth [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of financial market turmoil and regulatory uncertainty on business development but remains confident in achieving its targets [6][7] - The company has a cash runway until mid-2026, which supports its ongoing projects and potential future income from business development [22][30] Other Important Information - The company has been active in scientific conferences, presenting strong data on EVX-one and engaging with potential partners [11][12] - The first patient has been dosed in the one-year trial extension for EVX-one, allowing for better understanding of the vaccine's standalone effect [16] Q&A Session Summary Question: Was there a meaningful bias between CD4 and CD8 positive T cells in the two-year EVX-one data? - The response indicated that CD4 T cells were mainly observed, with CD8 T cells present in approximately half of the patients, driven by the peptide-based nature of the vaccine [32] Question: Will the lead ERV candidate be an ERV hotspot vaccine only, or will it combine with personalized cancer neoantigens? - The intention is to create an off-the-shelf vaccine with broad coverage, not initially combining it with other types of vaccines [33] Question: Thoughts on the UK repurposing a meningitis vaccine for gonorrhea? - Management noted the urgency for effective therapies for gonorrhea and expressed confidence in the commercial potential for EBXB2, while the scientific rationale for a more precise vaccine is acknowledged [34][35]

Summary of Evaxion Biotech (EVAX) Conference Call - May 22, 2025 Company Overview - **Company**: Evaxion Biotech (EVAX) - **Industry**: Biotechnology, specifically focused on AI-powered drug development and vaccine creation Key Points and Arguments 1. **Funding and Financial Position**: - Raised significant cash early in the year, extending runway into mid-2026 [3] - Merck participated in the latest public offering, holding approximately 20% of the company [3][12] - Potential for an additional $10 million if Merck exercises options on vaccine candidates [4][12] 2. **AI Immunology Platform**: - Evaxion is a pioneer in AI-driven medicine development, founded in 2008 [5] - The platform has been clinically validated and is a key differentiator from newer AI companies [6] - Capable of rapid target discovery, reducing the number of targets tested by 80% compared to conventional methods [16] 3. **Pipeline and Partnerships**: - Focus on both platform and pipeline, allowing for high-value partnerships in vaccine development [7][10] - Collaboration with Merck on developing novel vaccine candidates for infectious diseases with no current vaccines [8][11] - Pipeline includes proprietary candidates for gonorrhea and staph aureus, both addressing significant unmet medical needs [23][28] 4. **Market Opportunities**: - Cancer immunotherapy market projected to reach $280 billion by the end of the decade; infectious disease market expected to be $70 billion [14] - Significant unmet needs in both cancer (10 million deaths annually) and infectious diseases (8 million deaths annually) [13] 5. **Clinical Data and Product Development**: - Lead candidate EVX-one shows a 69% overall response rate in metastatic melanoma, significantly higher than the 33% response rate of the current gold standard [25] - 80% of neoantigens in the vaccine candidates elicited an immune response, indicating strong efficacy [26] 6. **Strategic Ambitions**: - Aim to remain a leading AI-powered biotech company and drive best-in-class drug discovery [29] - Plans to enter at least two new partnerships and select a lead candidate for a precision-based cancer vaccine [32] 7. **Future Outlook**: - Anticipated milestones include Merck's decision on option exercise and upcoming phase two data for EVX-one [31][33] - Strong focus on generating new partnerships and maintaining a robust business development pipeline [30] Additional Important Content - **Partnership Development**: - Merck's involvement has been crucial, participating in multiple financing rounds and showing long-term commitment [45][46] - The partnership allows Evaxion to focus on R&D without incurring further costs for the development of partnered candidates [44] - **Market Perception**: - Despite a strong fundamental position, the market has not fully appreciated the company's potential, as reflected in share price trends [48][49] - The company emphasizes execution of its strategy over short-term market fluctuations [49] - **Technological Advancements**: - Continuous improvement of the AI platform is expected, with potential future applications in quantum computing [40][41] This summary encapsulates the key insights from the conference call, highlighting Evaxion's strategic positioning, financial health, and innovative capabilities in the biotechnology sector.

Financial Data and Key Metrics Changes - In 2024, the company recorded revenue of $3.3 million from an optional license agreement with MSD, with expectations for future income from this agreement [44] - The net loss for 2024 was $10.6 million, an improvement from a loss of $22 million in 2023, driven by increased revenue and reduced R&D and G&A expenses [48][49] - Cash and cash equivalents at the end of December 2024 were $6 million, up from $5.6 million at the end of 2023, with sufficient funds projected to last into mid-2026 [46][51] Business Line Data and Key Metrics Changes - The ongoing EBX01 Phase II trial showed a 69% overall response rate at the one-year readout, with 15 out of 16 patients showing a reduction in tumor target lesions [8][33] - The company has established a new precision cancer vaccine concept targeting non-conventional endogenous retroviruses, broadening the potential of cancer vaccines [9][35] Market Data and Key Metrics Changes - The partnership with MSD, established in September 2024, is expected to generate significant future income, with a potential option exercise in the second half of 2025 [6][15] - The company aims to generate at least two new agreements in 2025, focusing on a multi-partner approach to build its pipeline [17][19] Company Strategy and Development Direction - The company is focused on deriving value from both its platform and pipeline, emphasizing a dual focus on platform and pipeline development [18][20] - The strategy includes entering into high-value, low-risk partnerships around target discovery and the development of novel vaccine candidates [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position, highlighting the successful execution of the pipeline and the transformative agreement with MSD [55][56] - The company is well-positioned for strong execution in 2025, with key milestones and value triggers identified [56] Other Important Information - The company extended the EVX01 trial from two to three years to collect three-year outcome data, which will provide a strong data package [27][34] - The company has raised $17 million through public offerings and other capital market activities, extending its cash runway to mid-2026 [12][21] Q&A Session Summary Question: How does the company ensure new pipeline candidates are partnerable assets? - The company emphasizes unmet medical needs and commercial potential as primary criteria, engaging in early dialogues with potential partners to shape preclinical programs accordingly [62][64] Question: What is the status of the CMV vaccine program after Expression Biotech returned rights? - The decision was made by Expression Biotech, and the company is confident in its plan to drive the program forward independently, exploring alternative solutions for antigen production [68][70] Question: What data should be expected at the upcoming AACR meeting regarding EBX01? - The company will present biomarker data and additional T cell data from patients, providing a more in-depth analysis than previously shared [80] Question: What types of cancers could the ERV vaccines target? - The company has identified specific cancer indications with a high burden where ERV sequences are shared across patients, with plans to share more information by the end of the year [85][86] Question: Will any data be released ahead of submitting to MSD for their decision on exercising the option for EVX B2 and B3? - No additional data will be released for B2, as MSD is conducting confirmatory work, while B3 is finalizing the current work plan [88][89]