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]