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]