Evaxion Biotech A/S Q4 FY2025 earnings call

In 2025, Evaxion had tremendous progress across all pillars. In business development, there was progress in collaboration with MSD, with Merck exercising option over EVX-B3, MSD not exercising option over EVX-B2 but Evaxion retaining rights and seeing interest, collaboration with Gates Foundation on polio vaccine design. In R\u0026D, positive Phase II data at ESMO on EVX-01, preclinical data at ASH on EVX-04, moved forward new infectious disease program, AI immunology platform innovated and was recognized by Galien Foundation. In 2026 milestones, updating EVX-01 with additional biomarker and immunogenicity data in first half, 3-year data in second half; talking about autoimmune applications of AI immunology platform and bringing forward data on EVX-B4; preparing to submit regulatory application for EVX-04. Birgitte Rono walked through R\u0026D updates including EVX-01 with strong Phase II data, EVX-04 with preclinical evidence, EVX-B2 with retained rights and strong preclinical data, EVX-B1 with multicomponent strategy, and AI-Immunology platform expanding capability with automated vaccine design module. Thomas Schmidt walked through 2025 financial results showing improved revenue, reduced net loss, extended cash runway into second half of 2027, and strengthened equity position.

Q: Thomas Flaten from Lake Street Capital Markets asked about overarching commentary on strategy changes.

A: Helen said fundamental strengths remain strong, strategy is sharpening focus on assets with most value.

Q: Thomas Flaten asked about EVX-04 and taking into clinic.

A: Helen said preparing to take into clinic to gain proof of concept, more validating data strengthens value proposition.

Q: Michael Okunewitch from Maxim Group asked about partnering efforts for EVX-01.

A: Helen said data resonates, response rate, translational data, applicability to other cancers are key. Birgitte added on AI immunology platform hit rate and applicability to other high mutational burden cancers.

Q: Michael Okunewitch asked about AI immunology platform in autoimmune disease.

A: Helen said early in prioritization, Birgitte said analyzed prevalent autoimmune diseases, many building blocks in AI immunology applicable.

Q: RK from H.C. Wainwright asked about translating into transactions and Merck's EVX-B2.

A: Helen said about timing, relationships, credibility; on Merck, couldn't comment on exact reasons.

Q: RK from H.C. Wainwright asked about EVX-01 durability.

A: Birgitte said doing deep scar profiling on T-cells.

Q: Unknown Analyst from Jones asked about autoimmune disease program validation.

A: Helen said early, Birgitte said narrowing down indication and building additional units in AI immunology