Financial Data and Key Metrics Changes - The cash runway has been extended to 2027, supported by a $7,500,000 exercise fee from MSD and additional capital market funding [5][18] - The company reported a quarterly income of $4,600,000, driven by the MSD deal and a net financial gain of $1,300,000 from a debt conversion [20][19] - Equity at the end of the quarter stands at $16,600,000, with a reduction in outstanding warrants to 2,800,000 [20][21] Business Line Data and Key Metrics Changes - The EVX-one program has shown a 75% objective overall response rate in a two-year clinical trial, with 11 out of 12 patients maintaining a sustained response [10][11] - The EVX-four program has been added to the pipeline, targeting acute myeloid leukemia with a novel AI-designed cancer vaccine [8][9] Market Data and Key Metrics Changes - The MSD deal represents the first in-licensing of an AI-discovered vaccine candidate by a major pharmaceutical company, indicating strong market validation [6][18] - The company is experiencing increased interest in its oncology and infectious disease programs, reflecting a growing market engagement [39] Company Strategy and Development Direction - The company aims to create value through partnerships, as evidenced by the MSD deal and ongoing discussions with other potential partners [6][22] - The focus remains on advancing R&D and business development, with multiple partnership discussions ongoing [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's operational momentum and the achievement of 2025 milestones, with expectations for further R&D updates [22] - The management noted that the questions from potential partners have shifted from data quality to applications of technology in other cancer indications, indicating a positive reception of clinical data [26] Other Important Information - The automated vaccine design module has been enhanced, significantly reducing design time and costs, positioning the company at the forefront of AI-driven vaccine innovation [12][14] - The evaluation period for the EVX-D2 program has been extended, allowing for further assessment [6] Q&A Session Summary Question: What are the key questions from potential partners regarding EVX-one? - The focus has shifted to how the technology can be applied to other cancer indications, with discussions ongoing about potential next steps for licensing [26] Question: Can you provide details on the EVX-four target in AML? - The company is targeting endogenous retroviral sequences from the dark genome, which are highly expressed in AML, allowing for a shared vaccine approach across patients [30] Question: How has the breadth of partnering conversations evolved? - There is increasing interest across the R&D pipeline, with dialogues centered on both target discovery and existing vaccine candidates [39] Question: Can the automated design module be used for partnerships? - The new module can support internal programs and has potential for monetization through partnerships, allowing other companies to utilize the technology [45] Question: What additional data is expected from the ongoing EVX-one trial? - Future presentations will include deeper analyses of immune profiles from patient samples collected during the trial [47] Question: What is the status of the MSD relationship regarding EVX-D2? - MSD is currently evaluating provided data and conducting confirmatory analyses, with an expected response in the first half of next year [49]

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]