Evaxion A/S — Call Transcript 2025

Hello, and welcome to Evaxion second quarter 2025 conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press one one again. I would now like to turn the conference over to Birgitte Rønø, Interim CEO and Chief Scientific Officer. You may begin. Thank you for that. First and foremost, welcome to our Q2 2025 business update and financial results. I am Birgitte Rønø, Chief Scientific Officer and Interim CEO of Evaxion. With me today, I have Thomas Schmidt, Chief Financial Officer, now permanent CFO as of August 1st, and Mads Kronborg, Vice President of Investor Relations and Communication. Today, I will start with a short introduction followed by an R&D update, and then Thomas will present our Q2 financial results. Lastly, we are, of course, as always, open for questions. Before we begin, please note that today's presentation contains forward-looking statements based on current expectations, and actual results may differ from this. Since last quarter, we have made significant achievements, and with the partnership with MSD, we are on track towards potential option exercise in the second half of 2025. Our business development pipeline remains solid and supports the FY targets. However, we do see that the challenging financial markets and increased regulatory uncertainty are impacting deal execution in general. Key R&D events and progress include EVX-01 two-year clinical efficacy data accepted for an oral presentation at the ESMO Congress in 2025. Treatment in the main part of the EVX-01 phase II trial is completed, and patients have been recruited for the one-year extension phase. We have also expanded our R&D pipeline with EVX-04, and we'll get back to the details around this. Further, we have received a grant from the Gates Foundation allowing for risk and cost-free application of the platform in yet another disease: polio. On the financial side, we have cash at hand until mid-2026, and we have converted our loan from the European Investment Bank to equity with an immediate increase in equity with $4.1 million. Since last quarter, we have achieved an additional milestone with the initiation of the EVX-04 program, and we are well on track with the many exciting milestones coming up in the second half of 2025. If we take a closer look at our R&D pipeline and recent progress, we have a very broad R&D pipeline of AI-Immunology-designed vaccine candidates spanning across two key disease areas: cancer and infectious diseases. Today, I'll walk you through some of our latest progress in key R&D programs. I'll start with our lead asset, EVX-01, our personalized peptide-based cancer vaccine currently in phase II clinical development. I would also, as mentioned before, point your attention to our recently added pipeline program, EVX-04, a discovery program with the objective of developing a preventive vaccine against group A streptococcus. Lastly, I'll present our progress in our lead program, that is EVX-01. Back to EVX-01. EVX-01 is, as mentioned, currently in phase II and is being developed as a first-line treatment for advanced melanoma. As I mentioned earlier, our upcoming two-year data from the EVX-01 phase II trial will be presented at the European Society for Medical Oncology also called ESMO Congress in October. The ESMO Congress is one of the most important and prestigious medical oncology conferences in the world, and we are very much looking forward to this as it gives us a great opportunity to interact with a global audience, including potential partners. To this end, we are currently finalizing the two-year clinical outcome data for preparing it for the ESMO presentation and partner discussions. As we talked about earlier, we have extended the EVX-01 phase II study, allowing us to obtain three-year clinical outcome data. During this extension phase, EVX01 will be administered as a monotherapy, allowing us better to understand the vaccine's standalone effect. The extension involves minimal additional costs as clinical trials remain active and vaccine production is already complete. Furthermore, we are planning to seek advice from FDA around the path to registration for this compound, as we believe that this is important for any potential partner to understand this path. The strategy for the asset remains unchanged, and we are actively seeking partners that can take the compound through the last steps of clinical development towards registration. Another key recent achievement is the grant we received from the Gates Foundation, and in this collaboration, we are applying AI-Immunology to design a subunit vaccine against polio. The project is progressing according to plan and in close dialogue with the Gates Foundation and the Polio Program Officer. This initial grant could potentially lead to further projects and plans with the Gates Foundation or any other partner, as we saw that the announcement of the grant generated significant attention to our platform and pipeline. Further, we are making strong progress in our infectious disease vaccine pipeline, and as mentioned in June, we announced the expansion of the infectious disease R&D pipeline with the addition of the EVX-04 program. This program aims at developing a preventive vaccine against group A streptococcus, also called GAS. Development and testing of a potential GAS vaccine has been traced back to 1923, yet no vaccine exists today. We have conducted initial computational analysis, demonstrated that AI-Immunology can identify novel vaccine targets to combat the pathogen. We have ongoing and future planned activities that include identification and testing of novel antigens for immunogenicity, functionality, and protection in mouse models and in vitro assays. GAS infections can cause a broad spectrum of health issues, including severe invasive infection and also the development of immune-mediated life-threatening conditions. There is an increase in antibiotic resistance and therefore a great need for finding novel treatment solutions. With EVX-04, we are hopefully able to offer such a solution. Lastly, I will briefly touch upon our EVX-01 program. In this program, we are developing a multi-component vaccine for the prevention of CMV infections. We are in early preclinical development, heading towards lead antigen selection in the second half of 2025. We believe that an efficacious vaccine should contain both B and T cell antigens and also glycoproteins that are known to be essential for viral entry. Despite many years of focus, no vaccine is approved for CMV, but with AI-Immunology, we believe that we can develop an efficacious vaccine that targets the virus from multiple angles. This multi-target approach stands out from traditional methods that have been focused on a limited set of glycoproteins involved in viral entry. Combating the virus from numerous angles is expected to enhance the efficacy of future vaccines. With our proprietary platform, AI-Immunology, we are uniquely positioned to optimize already known antigens and further to identify novel B and T cell types. To give an initial insight into the data in this program, we have designed a proprietary glycoprotein B antigen, and that is one of the glycoproteins essential for viral entry that demonstrates superior ability to neutralize the virus. Further, we are currently pursuing top-rank B cell antigens identified with the AI-Immunology platform, and initial data demonstrate induction of a potent humoral or antibody immune response in immunized animals. Several T cell epitope vaccines designed targeting multiple genes in the viral life cycle have been completed, and they all induce a strong cellular immune response. In summary, we do see significant progress across our pipeline in both our oncology and infectious disease programs, and we are well on track for our next milestone. We look forward to updating you as our programs continue to advance. With that, I will give the word to Thomas to present the financial results. Yes, thank you, Birgitte. I will now, of course, go through the financial highlights, but we'll start first and foremost with a summary of the agreement that we have made with the European Investment Bank that really fundamentally helps our capital structure. On July 11th, we finalized a debt settlement agreement with the European Investment Bank where they converted €3.5 million of the total €7 million loan, and that was converted into equity via a purchase of ordinary Evaxion shares. Our Evaxion shares and the purchase price was $4.87 per ADS, representing an 89% premium versus the closing stock exchange on July 11th. That immediately, also in July, then increased our equity by $4.1 million, and also then, of course, both simplified our balance sheet and certainly reduced our overall liabilities. Furthermore, also looking forward, it improves our cash flow and certainly also the repayment, of course, that we need to do at the end of the loan agreement in 2028. All in all, a very good agreement that we have reached with the European Investment Bank. As mentioned, as the agreement was done in July, it is, of course, not included in our Q2 financials, but will eventually be once we get to Q3. Q2 financial highlights. First and foremost, our cash position is at the end of June: $14.7 million. With an operating cash burn that we still expect to be around $14 million, that also means that we have cash in hand to fund operations until mid-2026. Important to note, that takes us past the potential option exercise by MSD and also past our two-year data readout on our EVX-01 study. Overall, our overall spend was reduced in Q2 2025 compared to the same period last year, which mainly reflects project timing. We still expect for the full year to be at a similar level versus last year from a spending perspective also. Total equity end of June of $6.2 million obviously strengthened compared to the end of last year due to the capital market activities we've done in the first half of the year. Again, this will further be strengthened in July as we have the agreement registered with the European Investment Bank. Our Q2 profit and loss statement shows an operating loss of $4.3 million, which again compares to $4.6 million in the same period last year. R&D project costs are expected to increase in the second half year, in the two coming quarters, while we still expect operating expenses in line with 2024. This also means that we expect, as mentioned already, the operational cash burn of approximately $14 million for the full-year 2025. Our net financial expenses of $4.7 million in Q2, compared to $1.8 million net financial expenses in Q2 last year, in both years driven by reassessment of our derivative liability. Important to note is that the derivative liability in 2024 came from the February public offering in 2024, while this year it comes from our January public offering. Two independent and different derivative liabilities. Our net loss for the quarter of $4.8 million compared to a net loss of $6.2 million same period last year, and the main difference is exactly the difference in net financial expenses. That's the driver behind that difference. Turning to the balance sheet, our equity of $6.2 million, it certainly further will be strengthened in July or has been strengthened in July as we have booked the conversion into equity from the European Investment Bank. A derivative liability from the public offering, as mentioned in January 2025, net impacts our equity of $0.4 million as of the end of June. Cash at hand was $14.7 million. It is really important to note that this gives us a cash runway until mid-2026. Both past our potential MSD option exercise and past our EVX-01 two-year data, but also importantly, the cash runway projections into mid-2026 do not yet include the potential MSD exercise or any new business development deals. Both will, in that case, further extend our cash runway. With that, I hand it back to Birgitte for some closing remarks. Thank you, Thomas. Lastly, as conclusive remarks, I would like to highlight that we do have a strong operational momentum, and we are tracking towards several potential value catalysts. Business development remains a key priority, and multiple parallel partnership discussions are currently ongoing. As Thomas mentioned, we have cash at hand until mid-2026, and that takes us, as Thomas also explains, beyond the EVX-01 two-year data and the potential MSD option exercise. With that, I would like to thank you for your time and your attention, and we'll be happy to answer any questions. Thank you. Ladies and gentlemen, as a reminder to ask a question, please press one one on your telephone, then wait for your name to be announced. To withdraw your question, please press one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Thomas Flaten with Lake Street Capital Markets. Your line is open. Good morning. Good afternoon. I appreciate you taking the questions. Birgitte, I was curious if you could maybe detail for us what remaining steps are there in the process for Merck. to make a decision on whether or not they want to option either or both of the programs? Thank you for that question. We have been running one of the collaborations, the EVX-B3, since September 2023. We entered into this R&D collaboration, and there's been a lot of very exciting data generated under this collaboration. We are currently, according to the plan, timelines are kept, and we are heading towards the conclusion here in the second half of 2025. The EVX-B2, this is more a type of, I would say, evaluation collaboration. MSD has been looking into our data and been conducting some studies on their side. We are on track in terms of timelines and also heading towards this conclusion in the second half of 2025. All in all, it looks very promising, and we are progressing according to the plan. I appreciate that. One final question. If you look at the business development conversations you're having, are they primarily on the infectious disease side? Is there some oncology interest? Can you maybe just give us a sense of what those discussions look like? Yeah. No, it's across the R&D pipeline and assets across the two therapy areas and also centered around what we call target discovery collaboration, where we apply AI-Immunology and find novel targets for a certain pathogen. It's a mixed picture at the moment, but definitely dialogues across. Some are more mature than others, and I think that's just the name of the game. Of course, I know there's a lot of curiosity around this, but as you know, we cannot say a lot about this until there is a signed contract. We remain optimistic and do see also new dialogues starting. Got it. I appreciate you taking that question. Thank you. Thank you. Please stand by for our next question. Our next question comes from the line of Charles Wallace with H.C. Wainwright. Your line is open. All right. Thanks for taking my question. This is Charles on for RK. I had a question about the data at ESMO coming up. How will the two-year data, like the clinical outcomes, compare to the one-year data that was presented? How many of the patients from year one will be seen in the two-year data? Also, with the extension to the third year, how many patients will you enroll additionally? Thank you. Hi, Charles. Thank you for those questions. We have not yet disclosed the two-year data for EVX-01. You have to be a bit patient here. We have, of course, since our last update of the clinical data, the one-year data, gathered additional information and scans, etc., of all the patients. We still have 11 patients active in the trial. A lot of the patients are faring extremely well. More to come on this. For the extension phase, it's a subset of the patients that have now consented to participate in this additional year. They will receive two doses of EVX-01 without concomitant pembrolizumab treatment. This allows us to look further into the mode of action of EVX-01 without having this background of the checkpoint inhibitor. We have not yet said a lot about how many patients, etc., because there's still, yeah, we will come back with more information on this. Perfect. Thank you for taking my questions. Thank you. Ladies and gentlemen, as a reminder to ask a question, please press one one on your telephone. I'm showing no further questions in the queue. I will now like to turn the call back over to Birgitte for closing remarks. Thank you for that. Finally, I would just like to say thank you for all of you participating in this business update and financial result. We are, of course, as always, looking forward to updating you on the further progress. Thank you. Thank you. Ladies and gentlemen, that concludes today's conference call. You may now disconnect.

Speaker 4: Hello, and welcome to Evaxion second quarter 2025 conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press one one again. I would now like to turn the conference over to Birgitte Rønø, Interim CEO and Chief Scientific Officer. You may begin. Hello, and welcome to Evaxion second quarter 2025 conference Call. hello and welcome to evaxion second quarter 2025 conference call At this time, all participants are in a listen-only mode. at this time all participants are in a listen-only mode After the speaker's presentation, there will be a question and answer session. after the speaker's presentation there will be a question and answer session To ask a question during the session, you will need to press one one on your telephone. to ask a question during the session you will need to press one one on your telephone You will then hear an automated message advising your hand is raised. you will then hear an automated message advising your hand is raised To withdraw your question, please press one one again. to withdraw your question please press one one again I would now like to turn the conference over to Birgitte Rønø, Interim CEO and Chief Scientific Officer. i would now like to turn the conference over to birgitte rønø interim ceo and chief scientific officer You may begin. you may begin

Speaker 3: Thank you for that. First and foremost, welcome to our Q2 2025 business update and financial results. I am Birgitte Rønø, Chief Scientific Officer and Interim CEO of Evaxion. With me today, I have Thomas Schmidt, Chief Financial Officer, now permanent CFO as of August 1st, and Mads Kronborg, Vice President of Investor Relations and Communication. Today, I will start with a short introduction followed by an R&D update, and then Thomas will present our Q2 financial results. Lastly, we are, of course, as always, open for questions. Before we begin, please note that today's presentation contains forward-looking statements based on current expectations, and actual results may differ from this. Since last quarter, we have made significant achievements, and with the partnership with MSD, we are on track towards potential option exercise in the second half of 2025. Thank you for that. thank you for that First and foremost, welcome to our Q2 2025 business update and financial results. first and foremost welcome to our q2 2025 business update and financial results I am Birgitte Rønø, Chief Scientific Officer and Interim CEO of Evaxion . i am birgitte rønø chief scientific officer and interim ceo of evaxion With me today, I have Thomas Schmidt, Chief Financial Officer, now permanent CFO as of August 1st, and Mads Kronborg, Vice President of Investor Relations and Communication. with me today i have thomas schmidt chief financial officer now permanent cfo as of august 1st and mads kronborg, vice president of investor relations and communication Today, I will start with a short introduction followed by an R&D update, and then Thomas will present our Q2 financial results. today i will start with a short introduction followed by an r&d update and then thomas will present our q2 financial results Lastly, we are, of course, as always, open for questions. lastly we are of course as always open for questions Before we begin, please note that today's presentation contains forward-looking statements based on current expectations, and actual results may differ from this. before we begin please note that today's presentation contains forward-looking statements based on current expectations and actual results may differ from this Since last quarter, we have made significant achievements, and with the partnership with MSD , we are on track towards potential option exercise in the second half of 2025. since last quarter we have made significant achievements and with the partnership with msd we are on track towards potential option exercise in the second half of 2025 Our business development pipeline remains solid and supports the FY targets. However, we do see that the challenging financial markets and increased regulatory uncertainty are impacting deal execution in general. Key R&D events and progress include EVX-01 two-year clinical efficacy data accepted for an oral presentation at the ESMO Congress in 2025. Treatment in the main part of the EVX-01 phase II trial is completed, and patients have been recruited for the one-year extension phase. We have also expanded our R&D pipeline with EVX-04, and we'll get back to the details around this. Further, we have received a grant from the Gates Foundation allowing for risk and cost-free application of the platform in yet another disease: polio. On the financial side, we have cash at hand until mid-2026, and we have converted our loan from the European Investment Bank to equity with an immediate increase in equity with $4.1 million. Our business development pipeline remains solid and supports the FY targets. our business development pipeline remains solid and supports the fy targets However, we do see that the challenging financial markets and increased regulatory uncertainty are impacting deal execution in general. however we do see that the challenging financial markets and increased regulatory uncertainty are impacting deal execution in general Key R&D events and progress include EVX-01 two-year clinical efficacy data accepted for an oral presentation at the ESMO Congress in 2025. key r&d events and progress include evx-01 two-year clinical efficacy data accepted for an oral presentation at the esmo congress in 2025 Treatment in the main part of the EVX-01 phase II trial is completed, and patients have been recruited for the one-year extension phase. treatment in the main part of the evx-01 phase ii trial is completed and patients have been recruited for the one-year extension phase We have also expanded our R&D pipeline with EVX-04, and we'll get back to the details around this. we have also expanded our r&d pipeline with evx-04 and we'll get back to the details around this Further, we have received a grant from the Gates Foundation allowing for risk and cost-free application of the platform in yet another disease: polio. further we have received a grant from the gates foundation allowing for risk and cost-free application of the platform in yet another disease polio On the financial side, we have cash at hand until mid-2026, and we have converted our loan from the European Investment Bank to equity with an immediate increase in equity with $4.1 million. on the financial side we have cash at hand until mid-2026 and we have converted our loan from the european investment bank to equity with an immediate increase in equity with $4.1 million Since last quarter, we have achieved an additional milestone with the initiation of the EVX-04 program, and we are well on track with the many exciting milestones coming up in the second half of 2025. If we take a closer look at our R&D pipeline and recent progress, we have a very broad R&D pipeline of AI-Immunology-designed vaccine candidates spanning across two key disease areas: cancer and infectious diseases. Today, I'll walk you through some of our latest progress in key R&D programs. I'll start with our lead asset, EVX-01, our personalized peptide-based cancer vaccine currently in phase II clinical development. I would also, as mentioned before, point your attention to our recently added pipeline program, EVX-04, a discovery program with the objective of developing a preventive vaccine against group A streptococcus. Lastly, I'll present our progress in our lead program, that is EVX-01. Back to EVX-01. Since last quarter, we have achieved an additional milestone with the initiation of the EVX-04 program, and we are well on track with the many exciting milestones coming up in the second half of 2025. since last quarter we have achieved an additional milestone with the initiation of the evx-04 program and we are well on track with the many exciting milestones coming up in the second half of 2025 If we take a closer look at our R&D pipeline and recent progress, we have a very broad R&D pipeline of AI-Immunology-designed vaccine candidates spanning across two key disease areas: cancer and infectious diseases. if we take a closer look at our r&d pipeline and recent progress we have a very broad r&d pipeline of ai-immunology-designed vaccine candidates spanning across two key disease areas cancer and infectious diseases Today, I'll walk you through some of our latest progress in key R&D programs. today i'll walk you through some of our latest progress in key r&d programs I'll start with our lead asset, EVX-01, our personalized peptide-based cancer vaccine currently in phase II clinical development. i'll start with our lead asset evx-01 our personalized peptide-based cancer vaccine currently in phase ii clinical development I would also, as mentioned before, point your attention to our recently added pipeline program, EVX-04, a discovery program with the objective of developing a preventive vaccine against group A streptococcus. i would also as mentioned before point your attention to our recently added pipeline program evx-04 a discovery program with the objective of developing a preventive vaccine against group a streptococcus Lastly, I'll present our progress in our lead program, that is EVX-01. lastly i'll present our progress in our lead program that is evx-01 Back to EVX-01. back to evx-01 EVX-01 is, as mentioned, currently in phase II and is being developed as a first-line treatment for advanced melanoma. As I mentioned earlier, our upcoming two-year data from the EVX-01 phase II trial will be presented at the European Society for Medical Oncology also called ESMO Congress in October. The ESMO Congress is one of the most important and prestigious medical oncology conferences in the world, and we are very much looking forward to this as it gives us a great opportunity to interact with a global audience, including potential partners. To this end, we are currently finalizing the two-year clinical outcome data for preparing it for the ESMO presentation and partner discussions. As we talked about earlier, we have extended the EVX-01 phase II study, allowing us to obtain three-year clinical outcome data. During this extension phase, EVX01 will be administered as a monotherapy, allowing us better to understand the vaccine's standalone effect. EVX-01 is, as mentioned, currently in phase II and is being developed as a first-line treatment for advanced melanoma. evx-01 is as mentioned currently in phase ii and is being developed as a first-line treatment for advanced melanoma As I mentioned earlier, our upcoming two-year data from the EVX-01 phase II trial will be presented at the European Society for Medical Oncology also called ESMO Congress in October. as i mentioned earlier our upcoming two-year data from the evx-01 phase ii trial will be presented at the european society for medical oncology also called esmo congress in october The ESMO Congress is one of the most important and prestigious medical oncology conferences in the world, and we are very much looking forward to this as it gives us a great opportunity to interact with a global audience, including potential partners. the esmo congress is one of the most important and prestigious medical oncology conferences in the world and we are very much looking forward to this as it gives us a great opportunity to interact with a global audience including potential partners To this end, we are currently finalizing the two-year clinical outcome data for preparing it for the ESMO presentation and partner discussions. to this end we are currently finalizing the two-year clinical outcome data for preparing it for the esmo presentation and partner discussions As we talked about earlier, we have extended the EVX-01 phase II study, allowing us to obtain three-year clinical outcome data. as we talked about earlier we have extended the evx-01 phase ii study allowing us to obtain three-year clinical outcome data During this extension phase, EVX01 will be administered as a monotherapy, allowing us better to understand the vaccine's standalone effect. during this extension phase evx01 will be administered as a monotherapy allowing us better to understand the vaccine's standalone effect The extension involves minimal additional costs as clinical trials remain active and vaccine production is already complete. Furthermore, we are planning to seek advice from FDA around the path to registration for this compound, as we believe that this is important for any potential partner to understand this path. The strategy for the asset remains unchanged, and we are actively seeking partners that can take the compound through the last steps of clinical development towards registration. Another key recent achievement is the grant we received from the Gates Foundation, and in this collaboration, we are applying AI-Immunology to design a subunit vaccine against polio. The project is progressing according to plan and in close dialogue with the Gates Foundation and the Polio Program Officer. The extension involves minimal additional costs as clinical trials remain active and vaccine production is already complete. the extension involves minimal additional costs as clinical trials remain active and vaccine production is already complete Furthermore, we are planning to seek advice from FDA around the path to registration for this compound, as we believe that this is important for any potential partner to understand this path. furthermore we are planning to seek advice from fda around the path to registration for this compound as we believe that this is important for any potential partner to understand this path The strategy for the asset remains unchanged, and we are actively seeking partners that can take the compound through the last steps of clinical development towards registration. the strategy for the asset remains unchanged and we are actively seeking partners that can take the compound through the last steps of clinical development towards registration Another key recent achievement is the grant we received from the Gates Foundation, and in this collaboration, we are applying AI-Immunology to design a subunit vaccine against polio. another key recent achievement is the grant we received from the gates foundation and in this collaboration we are applying ai-immunology to design a subunit vaccine against polio The project is progressing according to plan and in close dialogue with the Gates Foundation and the Polio Program Officer. the project is progressing according to plan and in close dialogue with the gates foundation and the polio program officer This initial grant could potentially lead to further projects and plans with the Gates Foundation or any other partner, as we saw that the announcement of the grant generated significant attention to our platform and pipeline. Further, we are making strong progress in our infectious disease vaccine pipeline, and as mentioned in June, we announced the expansion of the infectious disease R&D pipeline with the addition of the EVX-04 program. This program aims at developing a preventive vaccine against group A streptococcus, also called GAS. Development and testing of a potential GAS vaccine has been traced back to 1923, yet no vaccine exists today. We have conducted initial computational analysis, demonstrated that AI-Immunology can identify novel vaccine targets to combat the pathogen. We have ongoing and future planned activities that include identification and testing of novel antigens for immunogenicity, functionality, and protection in mouse models and in vitro assays. This initial grant could potentially lead to further projects and plans with the Gates Foundation or any other partner, as we saw that the announcement of the grant generated significant attention to our platform and pipeline. this initial grant could potentially lead to further projects and plans with the gates foundation or any other partner as we saw that the announcement of the grant generated significant attention to our platform and pipeline Further, we are making strong progress in our infectious disease vaccine pipeline, and as mentioned in June, we announced the expansion of the infectious disease R&D pipeline with the addition of the EVX-04 program. further we are making strong progress in our infectious disease vaccine pipeline and as mentioned in june we announced the expansion of the infectious disease r&d pipeline with the addition of the evx-04 program This program aims at developing a preventive vaccine against group A streptococcus, also called GAS. this program aims at developing a preventive vaccine against group a streptococcus also called gas Development and testing of a potential GAS vaccine has been traced back to 1923, yet no vaccine exists today. development and testing of a potential gas vaccine has been traced back to 1923 yet no vaccine exists today We have conducted initial computational analysis, demonstrated that AI-Immunology can identify novel vaccine targets to combat the pathogen. we have conducted initial computational analysis demonstrated that ai-immunology can identify novel vaccine targets to combat the pathogen We have ongoing and future planned activities that include identification and testing of novel antigens for immunogenicity, functionality, and protection in mouse models and in vitro assays. we have ongoing and future planned activities that include identification and testing of novel antigens for immunogenicity functionality and protection in mouse models and in vitro assays GAS infections can cause a broad spectrum of health issues, including severe invasive infection and also the development of immune-mediated life-threatening conditions. There is an increase in antibiotic resistance and therefore a great need for finding novel treatment solutions. With EVX-04, we are hopefully able to offer such a solution. Lastly, I will briefly touch upon our EVX-01 program. In this program, we are developing a multi-component vaccine for the prevention of CMV infections. We are in early preclinical development, heading towards lead antigen selection in the second half of 2025. We believe that an efficacious vaccine should contain both B and T cell antigens and also glycoproteins that are known to be essential for viral entry. Despite many years of focus, no vaccine is approved for CMV, but with AI-Immunology, we believe that we can develop an efficacious vaccine that targets the virus from multiple angles. GAS infections can cause a broad spectrum of health issues, including severe invasive infection and also the development of immune-mediated life-threatening conditions. gas infections can cause a broad spectrum of health issues including severe invasive infection and also the development of immune-mediated life-threatening conditions There is an increase in antibiotic resistance and therefore a great need for finding novel treatment solutions. there is an increase in antibiotic resistance and therefore a great need for finding novel treatment solutions With EVX-04, we are hopefully able to offer such a solution. with evx-04 we are hopefully able to offer such a solution Lastly, I will briefly touch upon our EVX-01 program. lastly i will briefly touch upon our evx-01 program In this program, we are developing a multi-component vaccine for the prevention of CMV infections. in this program we are developing a multi-component vaccine for the prevention of cmv infections We are in early preclinical development, heading towards lead antigen selection in the second half of 2025. we are in early preclinical development heading towards lead antigen selection in the second half of 2025 We believe that an efficacious vaccine should contain both B and T cell antigens and also glycoproteins that are known to be essential for viral entry. we believe that an efficacious vaccine should contain both b and t cell antigens and also glycoproteins that are known to be essential for viral entry Despite many years of focus, no vaccine is approved for CMV, but with AI-Immunology, we believe that we can develop an efficacious vaccine that targets the virus from multiple angles. despite many years of focus no vaccine is approved for cmv but with ai-immunology we believe that we can develop an efficacious vaccine that targets the virus from multiple angles This multi-target approach stands out from traditional methods that have been focused on a limited set of glycoproteins involved in viral entry. Combating the virus from numerous angles is expected to enhance the efficacy of future vaccines. With our proprietary platform, AI-Immunology, we are uniquely positioned to optimize already known antigens and further to identify novel B and T cell types. To give an initial insight into the data in this program, we have designed a proprietary glycoprotein B antigen, and that is one of the glycoproteins essential for viral entry that demonstrates superior ability to neutralize the virus. Further, we are currently pursuing top-rank B cell antigens identified with the AI-Immunology platform, and initial data demonstrate induction of a potent humoral or antibody immune response in immunized animals. This multi-target approach stands out from traditional methods that have been focused on a limited set of glycoproteins involved in viral entry. this multi-target approach stands out from traditional methods that have been focused on a limited set of glycoproteins involved in viral entry Combating the virus from numerous angles is expected to enhance the efficacy of future vaccines. combating the virus from numerous angles is expected to enhance the efficacy of future vaccines With our proprietary platform, AI-Immunology, we are uniquely positioned to optimize already known antigens and further to identify novel B and T cell types. with our proprietary platform ai-immunology we are uniquely positioned to optimize already known antigens and further to identify novel b and t cell types To give an initial insight into the data in this program, we have designed a proprietary glycoprotein B antigen, and that is one of the glycoproteins essential for viral entry that demonstrates superior ability to neutralize the virus. to give an initial insight into the data in this program we have designed a proprietary glycoprotein b antigen and that is one of the glycoproteins essential for viral entry that demonstrates superior ability to neutralize the virus Further, we are currently pursuing top-rank B cell antigens identified with the AI-Immunology platform, and initial data demonstrate induction of a potent humoral or antibody immune response in immunized animals. further we are currently pursuing top-rank b cell antigens identified with the ai-immunology platform and initial data demonstrate induction of a potent humoral or antibody immune response in immunized animals Several T cell epitope vaccines designed targeting multiple genes in the viral life cycle have been completed, and they all induce a strong cellular immune response. In summary, we do see significant progress across our pipeline in both our oncology and infectious disease programs, and we are well on track for our next milestone. We look forward to updating you as our programs continue to advance. With that, I will give the word to Thomas to present the financial results. Several T cell epitope vaccines designed targeting multiple genes in the viral life cycle have been completed, and they all induce a strong cellular immune response. several t cell epitope vaccines designed targeting multiple genes in the viral life cycle have been completed and they all induce a strong cellular immune response In summary, we do see significant progress across our pipeline in both our oncology and infectious disease programs, and we are well on track for our next milestone. in summary we do see significant progress across our pipeline in both our oncology and infectious disease programs and we are well on track for our next milestone We look forward to updating you as our programs continue to advance. we look forward to updating you as our programs continue to advance With that, I will give the word to Thomas to present the financial results. with that i will give the word to thomas to present the financial results

Speaker 5: Yes, thank you, Birgitte. I will now, of course, go through the financial highlights, but we'll start first and foremost with a summary of the agreement that we have made with the European Investment Bank that really fundamentally helps our capital structure. On July 11th, we finalized a debt settlement agreement with the European Investment Bank where they converted €3.5 million of the total €7 million loan, and that was converted into equity via a purchase of ordinary Evaxion shares. Our Evaxion shares and the purchase price was $4.87 per ADS, representing an 89% premium versus the closing stock exchange on July 11th. That immediately, also in July, then increased our equity by $4.1 million, and also then, of course, both simplified our balance sheet and certainly reduced our overall liabilities. Yes, thank you, Birgitte. yes thank you birgitte I will now, of course, go through the financial highlights, but we'll start first and foremost with a summary of the agreement that we have made with the European Investment Bank that really fundamentally helps our capital structure. i will now of course go through the financial highlights but we'll start first and foremost with a summary of the agreement that we have made with the european investment bank that really fundamentally helps our capital structure On July 11th, we finalized a debt settlement agreement with the European Investment Bank where they converted €3.5 million of the total €7 million loan, and that was converted into equity via a purchase of ordinary Evaxion shares. on july 11th we finalized a debt settlement agreement with the european investment bank where they converted €3.5 million of the total €7 million loan and that was converted into equity via a purchase of ordinary evaxion shares Our Evaxion shares and the purchase price was $4.87 per ADS, representing an 89% premium versus the closing stock exchange on July 11th. our evaxion shares and the purchase price was $4.87 per ads representing an 89% premium versus the closing stock exchange on july 11th That immediately, also in July, then increased our equity by $4.1 million, and also then, of course, both simplified our balance sheet and certainly reduced our overall liabilities. that immediately also in july then increased our equity by $4.1 million and also then of course both simplified our balance sheet and certainly reduced our overall liabilities Furthermore, also looking forward, it improves our cash flow and certainly also the repayment, of course, that we need to do at the end of the loan agreement in 2028. All in all, a very good agreement that we have reached with the European Investment Bank. As mentioned, as the agreement was done in July, it is, of course, not included in our Q2 financials, but will eventually be once we get to Q3. Q2 financial highlights. First and foremost, our cash position is at the end of June: $14.7 million. With an operating cash burn that we still expect to be around $14 million, that also means that we have cash in hand to fund operations until mid-2026. Important to note, that takes us past the potential option exercise by MSD and also past our two-year data readout on our EVX-01 study. Furthermore, also looking forward, it improves our cash flow and certainly also the repayment, of course, that we need to do at the end of the loan agreement in 2028. furthermore also looking forward it improves our cash flow and certainly also the repayment of course that we need to do at the end of the loan agreement in 2028 All in all, a very good agreement that we have reached with the European Investment Bank. all in all a very good agreement that we have reached with the european investment bank As mentioned, as the agreement was done in July, it is, of course, not included in our Q2 financials, but will eventually be once we get to Q3. as mentioned as the agreement was done in july it is of course not included in our q2 financials but will eventually be once we get to q3 Q2 financial highlights. q2 financial highlights First and foremost, our cash position is at the end of June: $14.7 million. first and foremost our cash position is at the end of june $14.7 million With an operating cash burn that we still expect to be around $14 million, that also means that we have cash in hand to fund operations until mid-2026. with an operating cash burn that we still expect to be around $14 million that also means that we have cash in hand to fund operations until mid-2026 Important to note, that takes us past the potential option exercise by MSD and also past our two-year data readout on our EVX-01 study. important to note that takes us past the potential option exercise by msd and also past our two-year data readout on our evx-01 study Overall, our overall spend was reduced in Q2 2025 compared to the same period last year, which mainly reflects project timing. We still expect for the full year to be at a similar level versus last year from a spending perspective also. Total equity end of June of $6.2 million obviously strengthened compared to the end of last year due to the capital market activities we've done in the first half of the year. Again, this will further be strengthened in July as we have the agreement registered with the European Investment Bank. Our Q2 profit and loss statement shows an operating loss of $4.3 million, which again compares to $4.6 million in the same period last year. R&D project costs are expected to increase in the second half year, in the two coming quarters, while we still expect operating expenses in line with 2024. Overall, our overall spend was reduced in Q2 2025 compared to the same period last year, which mainly reflects project timing. overall our overall spend was reduced in q2 2025 compared to the same period last year which mainly reflects project timing We still expect for the full year to be at a similar level versus last year from a spending perspective also. we still expect for the full year to be at a similar level versus last year from a spending perspective also Total equity end of June of $6.2 million obviously strengthened compared to the end of last year due to the capital market activities we've done in the first half of the year. total equity end of june of $6.2 million obviously strengthened compared to the end of last year due to the capital market activities we've done in the first half of the year Again, this will further be strengthened in July as we have the agreement registered with the European Investment Bank. again this will further be strengthened in july as we have the agreement registered with the european investment bank Our Q2 profit and loss statement shows an operating loss of $4.3 million, which again compares to $4.6 million in the same period last year. our q2 profit and loss statement shows an operating loss of $4.3 million which again compares to $4.6 million in the same period last year R&D project costs are expected to increase in the second half year, in the two coming quarters, while we still expect operating expenses in line with 2024. r&d project costs are expected to increase in the second half year in the two coming quarters while we still expect operating expenses in line with 2024 This also means that we expect, as mentioned already, the operational cash burn of approximately $14 million for the full-year 2025. Our net financial expenses of $4.7 million in Q2, compared to $1.8 million net financial expenses in Q2 last year, in both years driven by reassessment of our derivative liability. Important to note is that the derivative liability in 2024 came from the February public offering in 2024, while this year it comes from our January public offering. Two independent and different derivative liabilities. Our net loss for the quarter of $4.8 million compared to a net loss of $6.2 million same period last year, and the main difference is exactly the difference in net financial expenses. That's the driver behind that difference. This also means that we expect, as mentioned already, the operational cash burn of approximately $14 million for the full- year 2025. this also means that we expect as mentioned already the operational cash burn of approximately $14 million for the full- year 2025 Our net financial expenses of $4.7 million in Q2, compared to $1.8 million net financial expenses in Q2 last year, in both years driven by reassessment of our derivative liability. our net financial expenses of $4.7 million in q2 compared to $1.8 million net financial expenses in q2 last year in both years driven by reassessment of our derivative liability Important to note is that the derivative liability in 2024 came from the February public offering in 2024, while this year it comes from our January public offering. important to note is that the derivative liability in 2024 came from the february public offering in 2024 while this year it comes from our january public offering Two independent and different derivative liabilities. two independent and different derivative liabilities Our net loss for the quarter of $4.8 million compared to a net loss of $6.2 million same period last year, and the main difference is exactly the difference in net financial expenses. our net loss for the quarter of $4.8 million compared to a net loss of $6.2 million same period last year and the main difference is exactly the difference in net financial expenses That's the driver behind that difference. that's the driver behind that difference Turning to the balance sheet, our equity of $6.2 million, it certainly further will be strengthened in July or has been strengthened in July as we have booked the conversion into equity from the European Investment Bank. A derivative liability from the public offering, as mentioned in January 2025, net impacts our equity of $0.4 million as of the end of June. Cash at hand was $14.7 million. It is really important to note that this gives us a cash runway until mid-2026. Both past our potential MSD option exercise and past our EVX-01 two-year data, but also importantly, the cash runway projections into mid-2026 do not yet include the potential MSD exercise or any new business development deals. Both will, in that case, further extend our cash runway. With that, I hand it back to Birgitte for some closing remarks. Turning to the balance sheet, our equity of $6.2 million, it certainly further will be strengthened in July or has been strengthened in July as we have booked the conversion into equity from the European Investment Bank. turning to the balance sheet our equity of $6.2 million it certainly further will be strengthened in july or has been strengthened in july as we have booked the conversion into equity from the european investment bank A derivative liability from the public offering, as mentioned in January 2025, net impacts our equity of $0.4 million as of the end of June. a derivative liability from the public offering as mentioned in january 2025 net impacts our equity of $0.4 million as of the end of june Cash at hand was $14.7 million. cash at hand was $14.7 million It is really important to note that this gives us a cash runway until mid-2026. it is really important to note that this gives us a cash runway until mid-2026 Both past our potential MSD option exercise and past our EVX-01 two-year data, but also importantly, the cash runway projections into mid-2026 do not yet include the potential MSD exercise or any new business development deals. both past our potential msd option exercise and past our evx-01 two-year data but also importantly the cash runway projections into mid-2026 do not yet include the potential msd exercise or any new business development deals Both will, in that case, further extend our cash runway. both will in that case further extend our cash runway With that, I hand it back to Birgitte for some closing remarks. with that i hand it back to birgitte for some closing remarks

Speaker 3: Thank you, Thomas. Lastly, as conclusive remarks, I would like to highlight that we do have a strong operational momentum, and we are tracking towards several potential value catalysts. Business development remains a key priority, and multiple parallel partnership discussions are currently ongoing. As Thomas mentioned, we have cash at hand until mid-2026, and that takes us, as Thomas also explains, beyond the EVX-01 two-year data and the potential MSD option exercise. With that, I would like to thank you for your time and your attention, and we'll be happy to answer any questions. Thank you, Thomas. thank you thomas Lastly, as conclusive remarks, I would like to highlight that we do have a strong operational momentum, and we are tracking towards several potential value catalysts. lastly as conclusive remarks i would like to highlight that we do have a strong operational momentum and we are tracking towards several potential value catalysts Business development remains a key priority, and multiple parallel partnership discussions are currently ongoing. business development remains a key priority and multiple parallel partnership discussions are currently ongoing As Thomas mentioned, we have cash at hand until mid-2026, and that takes us, as Thomas also explains, beyond the EVX-01 two-year data and the potential MSD option exercise. as thomas mentioned we have cash at hand until mid-2026 and that takes us as thomas also explains beyond the evx-01 two-year data and the potential msd option exercise With that, I would like to thank you for your time and your attention, and we'll be happy to answer any questions. with that i would like to thank you for your time and your attention and we'll be happy to answer any questions

Speaker 4: Thank you. Ladies and gentlemen, as a reminder to ask a question, please press one one on your telephone, then wait for your name to be announced. To withdraw your question, please press one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Thomas Flaten with Lake Street Capital Markets. Your line is open. Thank you. thank you Ladies and gentlemen, as a reminder to ask a question, please press one one on your telephone, then wait for your name to be announced. ladies and gentlemen as a reminder to ask a question please press one one on your telephone then wait for your name to be announced To withdraw your question, please press one one again. to withdraw your question please press one one again Please stand by while we compile the Q&A roster. please stand by while we compile the q&a roster Our first question comes from the line of Thomas Flaten with Lake Street Capital Markets. our first question comes from the line of thomas flaten with lake street capital markets Your line is open. your line is open

Speaker 1: Good morning. Good afternoon. I appreciate you taking the questions. Birgitte, I was curious if you could maybe detail for us what remaining steps are there in the process for Merck. to make a decision on whether or not they want to option either or both of the programs? Good morning. good morning Good afternoon. good afternoon I appreciate you taking the questions. i appreciate you taking the questions Birgitte, I was curious if you could maybe detail for us what remaining steps are there in the process for Merck . to make a decision on whether or not they want to option either or both of the programs? birgitte i was curious if you could maybe detail for us what remaining steps are there in the process for merck to make a decision on whether or not they want to option either or both of the programs

Speaker 3: Thank you for that question. We have been running one of the collaborations, the EVX-B3, since September 2023. We entered into this R&D collaboration, and there's been a lot of very exciting data generated under this collaboration. We are currently, according to the plan, timelines are kept, and we are heading towards the conclusion here in the second half of 2025. The EVX-B2, this is more a type of, I would say, evaluation collaboration. MSD has been looking into our data and been conducting some studies on their side. We are on track in terms of timelines and also heading towards this conclusion in the second half of 2025. All in all, it looks very promising, and we are progressing according to the plan. Thank you for that question. thank you for that question We have been running one of the collaborations, the EVX-B3, since September 2023. we have been running one of the collaborations the evx-b3 since september 2023 We entered into this R&D collaboration, and there's been a lot of very exciting data generated under this collaboration. we entered into this r&d collaboration and there's been a lot of very exciting data generated under this collaboration We are currently, according to the plan, timelines are kept, and we are heading towards the conclusion here in the second half of 2025. we are currently according to the plan timelines are kept and we are heading towards the conclusion here in the second half of 2025 The EVX-B2, this is more a type of, I would say, evaluation collaboration. the evx-b2 this is more a type of i would say evaluation collaboration MSD has been looking into our data and been conducting some studies on their side. msd has been looking into our data and been conducting some studies on their side We are on track in terms of timelines and also heading towards this conclusion in the second half of 2025. we are on track in terms of timelines and also heading towards this conclusion in the second half of 2025 All in all, it looks very promising, and we are progressing according to the plan. all in all it looks very promising and we are progressing according to the plan

Speaker 1: I appreciate that. One final question. If you look at the business development conversations you're having, are they primarily on the infectious disease side? Is there some oncology interest? Can you maybe just give us a sense of what those discussions look like? I appreciate that. i appreciate that One final question. one final question If you look at the business development conversations you're having, are they primarily on the infectious disease side? if you look at the business development conversations you're having are they primarily on the infectious disease side Is there some oncology interest? is there some oncology interest Can you maybe just give us a sense of what those discussions look like? can you maybe just give us a sense of what those discussions look like

Speaker 3: Yeah. No, it's across the R&D pipeline and assets across the two therapy areas and also centered around what we call target discovery collaboration, where we apply AI-Immunology and find novel targets for a certain pathogen. It's a mixed picture at the moment, but definitely dialogues across. Some are more mature than others, and I think that's just the name of the game. Of course, I know there's a lot of curiosity around this, but as you know, we cannot say a lot about this until there is a signed contract. We remain optimistic and do see also new dialogues starting. Yeah. yeah No, it's across the R&D pipeline and assets across the two therapy areas and also centered around what we call target discovery collaboration, where we apply AI-Immunology and find novel targets for a certain pathogen. no it's across the r&d pipeline and assets across the two therapy areas and also centered around what we call target discovery collaboration where we apply ai-immunology and find novel targets for a certain pathogen It's a mixed picture at the moment, but definitely dialogues across. it's a mixed picture at the moment but definitely dialogues across Some are more mature than others, and I think that's just the name of the game. some are more mature than others and i think that's just the name of the game Of course, I know there's a lot of curiosity around this, but as you know, we cannot say a lot about this until there is a signed contract. of course i know there's a lot of curiosity around this but as you know we cannot say a lot about this until there is a signed contract We remain optimistic and do see also new dialogues starting. we remain optimistic and do see also new dialogues starting

Speaker 1: Got it. I appreciate you taking that question. Thank you. Got it. got it I appreciate you taking that question. i appreciate you taking that question Thank you. thank you

Speaker 4: Thank you. Please stand by for our next question. Our next question comes from the line of Charles Wallace with H.C. Wainwright. Your line is open. Thank you. thank you Please stand by for our next question. please stand by for our next question Our next question comes from the line of Charles Wallace with H.C. Wainwright . our next question comes from the line of charles wallace with h.c. wainwright Your line is open. your line is open

Speaker 2: All right. Thanks for taking my question. This is Charles on for RK. I had a question about the data at ESMO coming up. How will the two-year data, like the clinical outcomes, compare to the one-year data that was presented? How many of the patients from year one will be seen in the two-year data? Also, with the extension to the third year, how many patients will you enroll additionally? Thank you. All right. all right Thanks for taking my question. thanks for taking my question This is Charles on for RK. this is charles on for rk I had a question about the data at ESMO coming up. i had a question about the data at esmo coming up How will the two-year data, like the clinical outcomes, compare to the one-year data that was presented? how will the two-year data like the clinical outcomes compare to the one-year data that was presented How many of the patients from year one will be seen in the two-year data? how many of the patients from year one will be seen in the two-year data Also, with the extension to the third year, how many patients will you enroll additionally? also with the extension to the third year how many patients will you enroll additionally Thank you. thank you

Speaker 3: Hi, Charles. Thank you for those questions. We have not yet disclosed the two-year data for EVX-01. You have to be a bit patient here. We have, of course, since our last update of the clinical data, the one-year data, gathered additional information and scans, etc., of all the patients. We still have 11 patients active in the trial. A lot of the patients are faring extremely well. More to come on this. For the extension phase, it's a subset of the patients that have now consented to participate in this additional year. They will receive two doses of EVX-01 without concomitant pembrolizumab treatment. This allows us to look further into the mode of action of EVX-01 without having this background of the checkpoint inhibitor. We have not yet said a lot about how many patients, etc., because there's still, yeah, we will come back with more information on this. Hi, Charles. hi charles Thank you for those questions. thank you for those questions We have not yet disclosed the two-year data for EVX-01. we have not yet disclosed the two-year data for evx-01 You have to be a bit patient here. you have to be a bit patient here We have, of course, since our last update of the clinical data, the one-year data, gathered additional information and scans, etc., of all the patients. we have of course since our last update of the clinical data the one-year data gathered additional information and scans etc of all the patients We still have 11 patients active in the trial. we still have 11 patients active in the trial A lot of the patients are faring extremely well. a lot of the patients are faring extremely well More to come on this. more to come on this For the extension phase, it's a subset of the patients that have now consented to participate in this additional year. for the extension phase it's a subset of the patients that have now consented to participate in this additional year They will receive two doses of EVX-01 without concomitant pembrolizumab treatment. they will receive two doses of evx-01 without concomitant pembrolizumab treatment This allows us to look further into the mode of action of EVX-01 without having this background of the checkpoint inhibitor. this allows us to look further into the mode of action of evx-01 without having this background of the checkpoint inhibitor We have not yet said a lot about how many patients, etc., because there's still, yeah, we will come back with more information on this. we have not yet said a lot about how many patients etc because there's still yeah we will come back with more information on this

Speaker 2: Perfect. Thank you for taking my questions. Perfect. perfect Thank you for taking my questions. thank you for taking my questions

Speaker 4: Thank you. Ladies and gentlemen, as a reminder to ask a question, please press one one on your telephone. I'm showing no further questions in the queue. I will now like to turn the call back over to Birgitte for closing remarks. Thank you. Ladies and gentlemen, as a reminder to ask a question, please press one one on your telephone. thank you. ladies and gentlemen as a reminder to ask a question please press one one on your telephone I'm showing no further questions in the queue. i'm showing no further questions in the queue I will now like to turn the call back over to Birgitte for closing remarks. i will now like to turn the call back over to birgitte for closing remarks

Speaker 3: Thank you for that. Finally, I would just like to say thank you for all of you participating in this business update and financial result. We are, of course, as always, looking forward to updating you on the further progress. Thank you. Thank you for that. thank you for that Finally, I would just like to say thank you for all of you participating in this business update and financial result. finally i would just like to say thank you for all of you participating in this business update and financial result We are, of course, as always, looking forward to updating you on the further progress. we are of course as always looking forward to updating you on the further progress Thank you. thank you

Speaker 5: Thank you. Thank you. thank you

Speaker 4: Ladies and gentlemen, that concludes today's conference call. You may now disconnect. Ladies and gentlemen, that concludes today's conference call. ladies and gentlemen that concludes today's conference call You may now disconnect. you may now disconnect