Evaxion AS Q2 FY2024 earnings call

1. Advancing partnering discussions: Solid interest from external parties in AI immunology platform and pipeline candidates, with several ongoing partnerships. 2. EVX-01 program progress: Positive Phase 2 immune data at ASCO, Phase 1 results in medical journal with 67% objective response rate, and on track for 1-year clinical data readout at ESMO in September. 3. AI immunology platform strengthening: Positive feedback on patent application for AI-based target identification, improved performance of EvaxMHC building block presented at Computational Biology Conference. 4. Strategy: 3-pronged business model (AI immunology, multi-partner approach, targets/pipeline/responders) remains unchanged. 5. Upcoming milestones: Launch of EDEN model 5.0 at ECCB in September, EVX-B2 mRNA preclinical proof-of-concept at 18th Vaccine Congress, EVX-01 1-year data at ESMO, EVX-B3 collaboration with MSD concluding in second half, ERV-based precision cancer vaccine preclinical proof-of-concept later in year. 6. Ambition: Aim to generate business development income of $14 million equal to 2024 cash burn, with strong business development traction and new partners approaching.

1. Cash position: Cash and cash equivalents at $8 million as of June 30, 2024, sufficient to fund operations into February 2025; if prefunded warrants exercised, until March 2025. 2. NASDAQ compliance: Plan to regain compliance accepted, with until November 4, 2024, to evidence compliance. 3. Spending: Lower R&D and G&A spend expected in second half of 2024. 4. Business development income: Ambition to generate $14 million remains, but uncertainty around timing of deals.

1. Uncertainty in business development activities as deals are not guaranteed. 2. NASDAQ equity deficiency letter, requiring compliance by November 4, 2024.

Q: Do we expect any update between the ESMO data and the final data in 2025 in regards to EVX-01?

A: Jesper Nissen says they are continuously generating more data on the biomarker side and expect to present some in early 2025.

Q: Regarding the VX-B2 vaccine, can you give us a sense of what could be the potential scenario for the next step in development with the collaboration with Afrigen?

A: Christian Kanstrup states B2 is at preclinical stage, next step is establishing preclinical proof-of-concept at the 18th Vaccine Congress in September, with next steps depending on data.

Q: Can you give us a sense of the current status of the ERV platform, what kind of preclinical data you are generating? When do we see the data published or being announced?

A: Jesper Nissen mentions the milestone later this year relates to the precision version of the ERV-based vaccine, with preclinical evaluation ongoing and data to be presented later in 2024.

Q: Can you maybe characterize the partnership discussions that you mentioned in the press release that are ongoing? Are they infectious disease-focused, like cancer focus maybe across the board? How advanced are those conversations?

A: Christian Kanstrup says partnerships are across the board, with interest in AI immunology and pipeline assets (cancer and infectious disease), some discussions are fairly advanced, with a mix of advanced and new discussions.

Q: Given where your spending was, particularly in R&D for the second quarter, can you help us think through how we should model spending, particularly in R&D for the second half of the year, given where you are with cash and the cash runway you've laid out?

A: Christian Kanstrup states lower R&D and G&A spend expected in the second half of the year.

Q: Could you please give us more color on what we will expect to see at the upcoming ESMO results besides the immunogenic data? And besides the immunogenic data, are we also expecting to see the update ORR PFS or OS?

A: Jesper Nissen says they will present 1-year clinical readout from the Phase 2 study and more biomarker analysis, but exact clinical data details are not specified yet.

Q: Will this Phase 2 data readout help you advance maybe into the next stage of the partnership discussion in the future?

A: Christian Kanstrup says yes, assuming good data, clinical data is important in partnering discussions.

Q: Can you please provide some updates for the EVX-B3 collaboration?

A: Jesper Nissen states EVX-B3 collaboration with MSD on an undisclosed pathogen vaccine is running according to contract, with antigens signed, produced, and currently testing in animal models, set to conclude during the second half.

Q: What is the difference of the EDEN new model version, like 5.1 from the old version?

A: Christian Kanstrup explains EDEN 5.0 has expanded training data, new features like prediction of bacterial toxins, advanced protein feature prediction, and a new antigen identification model, improving predictive capabilities.