Evaxion Biotech A/S Q2 FY2025 earnings call

• R&D updates: EVX-01 Phase II trial treatment completed, 2-year clinical efficacy data to be presented at ESMO, extension to 3-year to understand monotherapy effect; EVX-B4 program initiated for Group A Streptococcus vaccine development; EVX-V1 in early preclinical for CMV prevention; received Gates Foundation grant for AI-Immunology application to polio vaccine.
• Financial: Cash position at end of June $14.7 million, cash runway until mid-2026, EIB loan converted to equity increasing equity by $4.1 million, Q2 2025 operating loss $4.3 million vs $4.6 million same period prior year.

No detailed product segment financial performance breakdown provided in the transcript.

• Cash in hand to fund operations until mid-2026, past EVX-01 2-year data and potential MSD option exercise.
• Expected full-year operating cash burn of approximately $14 million.

• Challenging financial markets impacting deal execution.
• Increased regulatory uncertainty impacting deal execution.

Q: Thomas Flaten asks about remaining steps for Merck to option programs.

A: B3 collaboration started in Sept 2023, B2 evaluation ongoing, heading to conclusion in second half of 2025.

Q: Thomas Flaten asks about business development focus.

A: Across R&D pipeline, mixed dialogues, no specifics until signed contract.

Q: Charles Wallace asks about ESMO data, 2-year vs 1-year, extension phase.

A: 2-year data not disclosed yet, 11 patients active in trial, extension phase for subset of patients without pembrolizumab treatment.