Financial Data and Key Metrics Changes - The company raised net proceeds of $27.9 million from its US IPO in February 2021, contributing to a cash position of $27 million as of March 31, 2021, compared to $5.8 million as of December 31, 2020 [12] - Research and Development expenses increased to $3.9 million for Q1 2021 from $2.5 million in Q1 2020, primarily due to increased spending on ongoing development and higher employee-related expenses [13] - General and administrative expenses were $1.3 million for Q1 2021, down from $2.8 million in Q1 2020, reflecting increased overhead and professional fees related to the IPO [13] - The net loss for Q1 2021 was $4.1 million, or $0.23 loss per share, compared to a net loss of $3.1 million, or $0.20 loss per share, in Q1 2020 [14] Business Line Data and Key Metrics Changes - The recruitment for phase 1 and 2A trials of the lead immune oncology product candidates EVX-01 and EVX-02 is on track, with data readout expected in late Q2 2021 [7] - EVX-01, a peptide-based therapy, showed one complete response and two partial responses out of five patients in early trials [7] - EVX-02, a DNA-based vaccine for adjuvant melanoma, has five patients recruited to date [8] Market Data and Key Metrics Changes - The company is advancing its RAVEN AI platform for vaccine design and development for viral diseases, leveraging experience from cancer research [9][28] - The company is preparing for regulatory filing for clinical trials of EVX-03 in the second half of 2021 [8] Company Strategy and Development Direction - The company aims to move forward with potential phase 2 trials for EVX-01 and EVX-02 based on data readouts, with preparations already underway [22] - The strategy includes exploring various indications for EVX-03, focusing on solid tumors with high mutation rates [20][24] - The company is committed to non-dilutive funding through government grants to support the RAVEN platform [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that existing cash resources will support operations into 2022 [14] - The company anticipates busy months ahead with significant data readouts and potential advancements in clinical trials [10] Other Important Information - The company published a paper in a peer-reviewed journal regarding Staphylococcus aureus, contributing to the understanding of host-pathogen interactions [9] - The company has moved to new headquarters and research facilities in Denmark [10] Q&A Session Summary Question: Expectations for EVX-01 and EVX-02 data updates - Management expects to determine the recommended phase 2 dose for EVX-01 and will provide an immunological picture for EVX-02 to support potential phase 2 decisions [17] Question: Timeline for phase 2 decisions - Management is preparing for potential phase 2 trials but has not communicated specific timelines, aiming to move forward quickly if data supports it [22] Question: Internal investment versus third-party funding for RAVEN - The RAVEN platform is primarily supported by non-dilutive grants, and the company is rapidly advancing its viral platform based on cancer research experience [28]
Evaxion(EVAX) - 2021 Q1 - Earnings Call Transcript