Evaxion A/S — Call Transcript 2026

Day, thank you for standing by. Welcome to the Evaxion Business Update and Full Year 2025 Financial Results webcast and conference call. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star and 1 again. Please be advised that today's conference is being recorded. Very sorry. I will now like to hand the conference over to your speaker today, Helen Tayton-Martin, CEO. Please go ahead. Thank you, good morning, everyone. Thank you for joining us for Evaxion business update following the reporting of our 2025 full year financial results yesterday. Apologies that this call is 24 hours later than we anticipated for technical reasons. We're delighted to be here today. My name is Helen Tayton-Martin, and I am honored to be leading this call for the first time as Evaxion's CEO. If we move to the 1st slide. Okay. On today's call, we will review the achievements of 2025 and touch on the milestones we anticipate for 2026. Our Chief Scientific Officer, Birgitte Rønø, will then walk through our key R&D updates from the year, including the latest innovations from our AI-Immunology platform. After which, our CFO, Thomas Schmidt, will walk through our 2025 financial results before we close with a few concluding remarks and take questions. Right. Moving to the next slide. Of course, our comments and presentation today may contain forward-looking statements. All participants on today's call are referred to our filed SEC statements, and specifically our most recent 20th-year annual report for 2025 filed yesterday. Moving to the next slide. I will start with our 2025 achievements and our 2026 milestones. In 2025, we were very pleased to report tremendous progress across all core pillars of the company. First of all, in business development, we were delighted with the progress in our collaboration with MSD in our infectious disease portfolio, with the decision by Merck to exercise its option over our EVX-B3 program candidate. Whilst the target for this program is not disclosed, we are very proud that this represents the first in-licensing to our knowledge of an infectious disease vaccine candidate identified and validated through an AI discovery platform. Whilst MSD chose not to exercise its option over our EVX-B2 candidate in gonorrhea, we remain very excited about the data and the prospects for this program over which we have retained full rights and have seen significant interest. We were also pleased to enter into a collaboration with The Gates Foundation on the design of a new polio vaccine and are also seeing significant interest in our platform and pipeline programs more broadly from a number of parties. In R&D, we were very pleased to be able to present very positive 2-year phase II data at ESMO on our EVX-01 program with a personalized neoantigen-directed cancer vaccine in advanced melanoma patients. We also presented preclinical data at ASH on our 1st cancer vaccine to a shared antigen based directed to a conserved endogenous retroviral or ERV elements that we have identified in AML patients with our EVX-04 program. In our infectious disease portfolio, we were also able to move forward a new program with candidates identified from our AI-Immunology platform against Group A Streptococcus. On the platform itself, the team has continued to innovate and use the platform to not only identify optimal vaccine candidates but improve their design biology for product delivery for us in our new automated module. Birgitte will touch on all of these achievements shortly. We were also honored by the recognition of our AI-Immunology platform by the Galien Foundation for AI advances in human health. Finally, we were very pleased to see the capital influx to the business last year through financing, business development, and the use of our ATM, which now gives Evaxion a cash runway to the H2 of 2027. Thomas will talk more to this later. Moving to the next slide. Just as a reminder, Evaxion has built a broad novel product-focused pipeline of assets from its unique AI-Immunology platform, clinically validated with the cancer vaccine space with our EVX-01 peptide-based vaccine in advanced melanoma. Supported by assets and data on DNA and RNA platforms, and together with a preclinical pipeline of infectious disease vaccine candidates focused on challenging targets remaining intractable with conventional approaches and subject to significant medical need. Onto the next slide. This unique capability with AI-Immunology is something that we have also begun to investigate within the autoimmune field, given a wider range of diseases driven by autoimmune attack and the direct applicability of our platform to focus on immune mechanisms in disease. Autoimmune diseases affect over 14 million patients annually in the U.S. and are characterized by chronic debilitating conditions, with treatment options focused primarily on the symptoms rather than the underlying cause of disease. Moving on to the next slide. This is why we believe our AI-Immunology platform is strongly positioned to focus on underlying disease mechanisms with greater specificity to identify autoimmune disease targets, which can be approached in different ways. There'll be more to come on this later in the year. Finally, on the next slide, turning to our 2026 milestones. This year, we will be updating on our EVX-01 program with additional biomarker and immunogenicity data at AACR. The clinical data, 3-year data towards the later towards the end of the year. We will be talking more about the autoimmune applications of our AI-Immunology platform and bringing forward data on our new EVX-B4 candidate in Group A Streptococcus in the H2 of the year. Finally, be ready to submit our regulatory application for our next EVX-04 candidate vaccine, candidate for the shared ERV antigens in AML by the end of the year. Throughout, we remain committed to deriving value from both our platform and our pipeline assets through partnership for our shareholders and patients. I'll now hand over to Birgitte to update you further on our R&D achievements. Thank you, Helen. 2025 marked a turning point with significant advancement across our R&D pipeline and also our AI platform. Additionally, as Helen alluded to, we also entered into the in-licensing agreement with MSD on the EVX-B3 program. Our 2025 focus has been on strengthening our platform's predictive power, maturing key R&D assets, and on building the foundation for future partnerships. The 2025 achievements position us well as we move towards the data-rich milestones in 2026 that Helen just presented. With that, I'll begin by walking through individual key programs and platform development. Next slide, please. EVX-01, our personalized peptide-based cancer vaccine in advanced melanomas, continues to deliver strong clinical data. Our 2-year phase II data presented at an oral session at ESMO in October showed strong clinical outcome, including a high objective response rate of 75% and complete response rate of 25%. Notably, 92% of the responders remained in response at this 2-year mark. Key biomarker data included the very high immunogenicity hit rate with 20 or 81% of all the individual new antigen administered across patients, giving rise to a specific T-cell response. This very impressive hit rate outcompetes data from similar programs conducted by others. This truly underlines the precision of our AI-Immunology platform to identify relevant vaccine targets. 2 key milestones are expected for this program, as Helen also alluded to. Additional biomarker and immunogenicity data expected in the H1 of 2026. We also plan to communicate the 3-year data from a subset of patients that are currently in an expansion part of the phase II study, and that will be reported in the H2 of 2026. Importantly, we aim to conduct future trials in partnership, ensuring the broadest possible impacts for patients. Moving to the next slide, EVX-04, our off-the-shelf therapeutic vaccine for acute myeloid leukemia or AML. We have generated a compelling preclinical evidence supporting its development. In this program, we are focusing on a completely novel class of tumor antigens, so-called endogenous retroviruses, or ERVs, that are selectively and highly expressed in AML blast, making them attractive as therapeutic targets. With AI-Immunology, we have identified millions of short ERV fragments from patient sequencing tumor data and designed the EVX-04 vaccines with 16 optimal ERV antigen fragments selected based on cross-patient relevance and also on their immunological potential. Key data include in vitro vaccination studies demonstrating that all of these 16 ERV fragments in the vaccine induce a strong specific immune response and further that EVX-04 prevents tumor growth in several mouse tumor models and induces strong T-cell responses. Again, these findings reinforces the power of our platform, and here we have expanded it to uncover unique tumor antigens that are not accessible through traditional discovery methods. Next slide, please. As we progress towards clinical readiness for EVX-04, we have completed key steps, including antigen selection and lead development. We have conducted preclinical efficacy studies and are currently conducting further human cell-based translational assays. CMC work and GMP manufacturing are advancing according to plan. The next major milestone for this program is the submission of the clinical trial application in the H2 of 2026, which enable first-in-human testing. This program is a prime example of how AI-Immunology accelerates vaccine design from concept through clinic. Next slide, please. Now turning to our key infectious disease programs. After retaining the full global rights to EVX-B2 late last year, we are now fully in control of the development of this highly differentiated vaccine candidate targeting Neisseria gonorrhoeae. Our preclinical data package is strong and comprehensive, demonstrating significant protection in a mouse infectious model. We have demonstrated broad efficacy against 50 clinically relevant isolates reflecting coverage across diverse strains and further induction of a significant humoral and cellular responses in mice. We have also demonstrated a well-established mechanism of action supported by potent antibody-dependent complement-mediated killing. Collectively, these results position EVX-B2 as one of the most advanced and differentiated infectious disease preclinical gonorrhoeae vaccine candidates in an area of high unmet need where no approved vaccine exists today. Given the strength of our data, we see a clear opportunity to engage with potential partners to progress the program towards clinical development. Next slide, please. Another of our key infectious disease vaccine programs is EVX-B1. In this program, we are developing a multi-target vaccine against cytomegalovirus or CMV. Instead of relying on a single glycoprotein or limited set of glycoproteins, the program integrates both these well-described glycoproteins and novel antigens to target the virus from multiple complementary angles. This broad multi-component strategy is designed to enhance vaccine efficacy and also to reduce the risk of viral escape. We have applied AI-Immunology for both antigen optimization of the known glycoproteins and for identification of truly novel antigens. First, we improved these established CMV antigens that are essential for virus neutralization. As part of this, we have engineered the glycoprotein B antigen by locking it in a prefusion state. This AI-Immunology designed construct has demonstrated a superior neutralization capacity compared to the native protein. Secondly, we are identifying and validating entirely novel antigens, and several of these have already demonstrated the ability to inhibit viral entry, and further, we are characterizing them at the moment. Supported by this strong preclinical data, EVX-B1 represent a highly promising program for continued development and for future partnership discussions. Next slide, please. Now turning to the recent development of our AI-Immunology platform. AI, our AI-Immunology platform continues to expand in capability. The platform integrates multi-omic data set to generate ranked antigen lists within 24 hours. In October last year, we launched an automated vaccine design module enabling sequence and structural optimization directly from the shortlisted antigens. This end-to-end automation significantly reduce cost, development time, and also risk. Next slide, please. More specifically, the automated module enhances design of soluble antigen constructs, enabling higher expression, better formulation, and improved manufacturability. This capability directs the design of soluble antigen constructs and also solubilizing antigens using inverse folding, producing more reliable antigen constructs than the wild-type variants. The result is a faster and more cost-effective design cycle, fully integrated into our antigen discovery and vaccine optimization workflow. This strengthens the foundation for all of our programs across oncology and infectious diseases. In conclusion, we have seen strong progress across our platform and our R&D pipeline, and we are encouraged by the momentum. We look forward to keeping you updated as we advance through 2026. With that, I will now hand over to Thomas, who will walk us through our financial results. Yes. Thank you, Birgitte. Also warm welcome from my side to our call today. I will now walk you through the financial results for 2025. Turning to the next page, we have throughout 2025 been really successful in expanding on our cash runway and also strengthening on our equity side. This has happened throughout the year through public offering and the use of ATM we did in January, followed by the MSD exercise fee and the ATM use in September. Furthermore, the exercise of investor warrants from our January offering in October and November, all summing up to a cash inflow of $32 million. Furthermore, as also shown on this slide, our EIB debt to equity conversion done in July of $4.1 million, we've reduced certainly our future cash out and thereby certainly also expanding and extending our cash runway. Finally, with our filing in December of our prospectus supplement regarding our ATM, it has now created us with further flexibility and options as we move forward with expanding our pipeline and platform also. Really, really underlines the strong execution throughout the year. Turning to the next slide, that also leads into the highlights of 2025, where we really have delivered on all the targets that we set, and we are progressing towards our aim of becoming a sustainable self-funding business. Both revenue and costs have improved while at the same time we are continuing to invest in our platform and in our pipeline programs. As just mentioned on the previous slide, activities and execution of the MSD deal, the EIB debt conversion, our ATM and capital market activities have not only improved our cash position and runway but has also significantly strengthened our equity. With the improved cash runway and equity, we have created more stability and certainly have also reduced uncertainty. I think that is really, really also a highlight for 2025. Again, with the update of Form F-3 and ATM, we have removed the constraints of baby shelf, and also provides us far better flexibility and options in support of our long-term strategic initiatives and also the long-term plans we do have. Next slide is on our profit and loss statement. As I just mentioned, for revenue has improved, also we've improved on our operational costs. We've actually been successful in lowering our operational spend whilst at the same time delivering on the quality that we would want to do from a pipeline and platform perspective. Revenue certainly stems from our MSD option exercise, also important to mention, we also had a grant from the Gates Foundation that also has come in 2025. Apologies. Net financial position of $0.6 million is driven by a premium that we received from our debt conversion, debt to equity conversion from the EIB. Against that goes remeasurement of a derivative liability as some of our warrants or our warrants from the public offering in January were in a different exchange setting, so USD versus our reporting of DKK. Net loss for the year $7.7 million, certainly an bettering compared to last year. As I said before, also a good step on the way of becoming a self-funding and profitable business. Next slide, on the balance sheet items, we ended the year with a cash position of $23 million with a runway that now is extended into half year 2 of 2027. Certainly also a significant improvement compared to last year. This of course will be used for operations expenses and investing into our platform and pipeline. We currently have a total outstanding ADS of 8.3 million when assuming that all shares have been converted into ADSs. We've also, through the investor warrant exercises, been reducing the outstanding warrants in terms of ADSs by 1 million, which leaves another 2.8 million warrants outstanding. Also an improvement, in that, and, really drives in the right direction. In summary, from a financial position, we have, during 2025, established a far better foundation that really makes us, puts us in a good position to continue our execution of strategy and business for 2026 and the years beyond. With that, I hand it back to Helen for some final concluding remarks. Thanks, Thomas. Just moving to the last slide. In summary, 2025 was a year of strong operational momentum for Evaxion, in which we achieved several key milestones. Overall, we strengthened the business considerably through the validation of our strategy with our AI-Immunology platform, delivering on both data and partnerships. This, in turn, has enabled us to both strengthen our financial position and consolidate our position as a leader in AI-based drug discovery, design and early development. With a number of potential partnership discussions ongoing, we are already funded into the H2 of 2027 through the financial milestones achieved in 2025. We're in a good position to move forward through 2026. With that, I'll hand over to the operator for questions. Thank you. To ask a question, you will need to press * 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press * 1 and 1 again. Our 1st question today comes from the line of Thomas Flaten from Lake Street Capital Markets. Please go ahead. Hi, everybody. Thanks for taking the questions. Maybe to start broadly, Helen, you've been in the seat now for a few months. I'm just curious if you could provide some overarching commentary on, you know, what you have implemented or are going to implement, you know, any changes to strategy, any bigger picture notes like that could help us with context of your tenure. Sure. Thanks. Thanks, Thomas. Thanks for the question. I joined at the end of November last year, so the last 3 months have flown by, but I already had a strong impression from my prior seat on the Evaxion board. In terms of bigger picture changes, I think the fundamentals of Evaxion remain really strong. In fact, I think they have only got stronger through 2025. The ability to have an AI platform that is built up over many years, many iterations, grounded in data and testing of that data in the lab and ultimately in the clinic, has really strengthened the core offering. I remain really excited about the power of the platform in the oncology space and also in the infectious disease space. I think we're sort of seeing a lot more traction around what we can do with the platform now, from external engagement. I think the fundamental strengths of, and core of what Evaxion has to offer, is even stronger now, than potentially before. I think in a world of AI everything, actually getting to products, actually producing candidates that can generate vaccines that generate a biological response and a clinical response is meaningful and is becoming recognized as meaningful, certainly in our partnering conversations, et cetera. I think that is core. Clear observation I had before coming into the company and certainly strengthened by all my observations within it, and even more impressed by the team that's in place that can deliver on this. I think in terms of the overall strategy, what Evaxion does well is that early discovery, that early validation, that deep scientific and informatic-embedded expertise. And we can certainly bring things forward into early clinical development, late pre-clinical, early clinical. I think what we're going through at the moment is a process of really, optimizing where we see the most value in the near term, both in terms of our oncology asset, but also, within the infectious disease area. I think we are not positioned to take too much further forward into the clinic, so we're being very cautious about that. We certainly see strength in the gate in getting interest from external parties around the assets that we've already got and actually the capability of the platform. No fundamental change to strategy, but I think a sharpening and a deepening of focus around the assets that will add the most value. I hope that's helpful. That's great. Thank you, Helen. Just keying off of your last comment there about taking products into the clinic. You mentioned with EVX-04 in Birgitte's presentation that you would be looking to submit regulatory paperwork. Is that, is that a product that you think you have to take into phase I, given that ERVs are a bit new, a bit different, in order to attract partner interest? I think that's a really good question. We are certainly preparing to take it into the clinic, and we believe that we can do that to gain some initial proof of concept. There's a lot of interest around the platform at that particular set of candidate antigens in the vaccine. I think we're doing some further validation work, which I think will continue to strengthen it. So the answer, in short, is not necessarily, but clearly the more credible validation data that we can add to the package, the stronger the value proposition, you know, to an external partner. That's obviously what we're what we're all about is maintaining the building the value for as long as we can to strengthen our position. I think we're very confident about what we can do with it pre-clinically and potentially clinically. That's great. Thank you very much. Thank you. Thank you. Our next question today comes from the line of Michael Okunewitch from Maxim Group. Please go ahead. Hi there. Thank you so much for taking my questions today, and congrats on all the great progress you've made. Thank you. I guess to start off, I'd just like to see if you could comment a little bit on the partnering efforts for EVX-01, and in particular, if there's anything that you've heard either in your feedback from partners that you think yourself would be particularly important for us to watch for from the upcoming data releases, whether that's the 3-year data or the biomarker immunogenicity. Is there anything in particular you think is key for driving these partnering discussions? That's a really good question. I mean, clearly the cancer vaccine space has had something of a checkered past, you know, way back, but much more of a renaissance, I think, in the checkpoint era. I think our data is certainly resonating with companies who are interested in the cancer vaccine area, understand the nuances around getting I think strong cancer, strong antigens, personalized cancer antigens for not just immune recognition, but for clinical benefit. It is a complex therapy to administer, but it is also potentially an effective therapy. I think the sorts of things that gain interest are the not just the response rate that we've seen at 2 years, 1 year, then 2 years at ESMO, but also the response, the recognition of the antigens, the numbers that Birgitte Rønø spoke to, and I'll ask her to add comment to this as well. I think we're in a strong position with that data, clinical data package that we have. The translational data I think is gonna be interesting. It continues to show why and how the, you know, the immune response is happening in parallel to the clinical response. That is, I think, a differentiator. Also in the population, the advanced population rather than the adjuvant melanoma population. Clearly, I think we're also seeing interest in this whole approach in other, high mutational burden, cancers too. Beyond melanoma, I think those are the differentiators, thinking about where else this is, this is applicable, acknowledging the different biological parameters, the translational insights that we're seeing that's somewhat different to how others have reported on this with similar approaches. Quite a bit of interest. To be honest, a number of companies are on the fence, but looking with interest and very interested in the shared approach, the shared antigen approach that our EVX-04 program offers. Birgitte, do you want to add some further comments? No doubt that the abili- Oh. Now? There's no doubt that the ability of our AI-Immunology platform to identify the relevant targets and is getting a lot of interest from potential partners and also from the academic community. With this 81% hit rate, as we call it, I think this is very impressive. We have of course looked at other similar programs and seen that most of them are reporting hit rates way below 60%, meaning that the antigens that they are including in their vaccines are not all able to induce a specific T-cell response. This is of course a testament to the precision of our platform. That's one of the key elements. Another point that I would like to make is that we do see EVX-01 as not just a therapy for advanced melanoma. We believe that the same concept can be very useful in other indications where there are a high mutational burden, meaning that there are several antigens to choose from, and that includes many of the high prevalent cancer indications. It could be non-small cell lung cancer and also some of the colorectal cancers. Thank you. I appreciate that additional color on that. As a follow-up, I wanted to ask if you could provide a bit more color on how you're applying the AI-Immunology platform to autoimmune disease. You identified this as a new area of interest. Do you expect that this would be more focused on allergies, or would you focus more on the major large autoimmune and inflammatory diseases? Any additional color you could provide on that would be helpful. Sure. I think the first thing to say is it's early in terms of our prioritization of the indications, but we've certainly done some work around that based on parameters which are. Birgitte, if you're happy to comment on that, I think high level in terms of what's guiding where we focus, that would be good. Yes. We have done a lot of analysis on the most prevalent autoimmune diseases, and we do see a clear fit for our platform. I mean, we of course, need to further improve it and build a few additional smaller unit that allows us to apply AI-Immunology. We do have many things in place that can be directly applied in this area. We will of course share more when we have done both analysis on which key indications we will pursue and also on when we have done a little bit more work on adjusting AI-Immunology so it fits these diseases. We should remember to say that there's a lot of these smaller units, we call them building blocks, that we can directly apply for these types of diseases. Not only for autoimmune diseases, but also for other diseases where there is a strong immunological component. Of course, we need to build a little bit, but the majority is already in AI-Immunology. All right. Thank you very much. I appreciate your additional comments and look forward to future updates. Thank you. Thank you. Our next question today will come from the line of RK from H.C. Wainwright. Please go ahead. Thank you. This is RK from HC Wainwright. Good afternoon, Helen, Birgitte, and Thomas. To start off, Helen, a quick question for you. You know, you have, you know, basically been an architect in multi-billion dollar alliances at Adaptimmune, you know, especially the large deal that was transacted with GSK. Also, you have had a lot of experience in transactions. While Evaxion is technically a very strong company, they've always had a difficulty in translating that language into meaningful transactions. Of course, Merck is pretty strong partner. Based on your experiences and, how you have managed to translate that, you know, what sort of, discussions could you have at this point, especially when, talking with large cap pharma, and convince them that an AI tool's predictability is as good as a physical assay, and get them to, start looking into, some of the products that, Evaxion is generating? Hello, RK. Thanks for the question. I think that there are probably multiple dimensions to that answer that question to the extent that it is possible to answer it at this point. 1 is that a lot of this is to do with timing. It's to do with data that validates that it's more than a sort of an AI platform. I think actually the fact that we have the scope to validate and iterate candidates, target discovery with candidate development, with candidate validation is something really novel that isn't sort of generally out there. When I said timing, there's, there are obviously many of the large pharma, most of them will all have in-house AI platforms running in 1 form or another. But I don't think there are many that have got the sort of integrated, long sort of longitudinal depth of expertise that Evaxion has. Really this is about crystallizing the offering through the validation of the candidates we have and sort of being in dialogue with the right people. You mentioned my background was a long time, 17 years in my previous company, building relationships, establishing contact, understanding and listening to strategy, looking at the wider picture. These are all things that are very much part of how deals get done. Ultimately it's down to relationships and credibility, and really having something that fits a need. All I can say at this point is we're reworking up some of those approaches and some of those themes, in terms of how we are approaching potential partnering interactions. I have to say, though, that the Evaxion team is well-known with quite a few of these groups, but we're building and expanding that profile. I think that that's critical to, you know, the future success in partnering conversations. It's being what you say you are in front of the right people. Perfect. No, thanks for that. Going into relationships with Merck, especially regarding EVX-B2, Merck decided to extend the evaluation of the molecule rather than exercise the option at this point. Is this a function of them trying to do additional experiments or functional assays, or are they requesting from you additional work so that they can come to a conclusion? Sorry, you're referring to the extension that they had last year. Yeah. before the decision there? I mean, we can't really comment on obviously the confidential nature of the interactions. All I can say is that sometimes it's sort of R&D programs when they are back and forth and shared between organizations don't always run to plan. Sometimes that requires looking at things again. Ultimately then, you know, there are time frames around things which have to, you know, are followed through. I think the reasons for not taking it up are sort of obviously their reasons and multi, you know, multidimensional. All I can say is that we remain really excited about the data. We actually continue to build data on the program internally throughout that period of time as well. We feel very, very bullish and strong about the data package. You know, how and why, you know, Merck wanted to do, you know, certain work or is something we can't really add any more commentary on. On the EVX-01 durability, Birgitte, so you have shown 92% of the responders showing sustainability, via at 24 months. Why, as we are, you know, looking forward to the sort of 3-year durability, what sort of exhaustion markers are you going to be tracking, so that we understand how well the durability is? Thank you for that question, RK. It's correct that 92% of the responders remained in response after this 2-year mark. I guess your question was related to the T-cell exhaustion. Mm-hmm markers. Yes. Yes. We do deep T-cell profiling looking at activation marker, exhaustion markers, and also at different phenotypes of the T-cells, so including CD4, CD8, but also looking into whether there are regulatory T-cells coming up. So far we have demonstrated that the profile of the T-cells are very favorable, so in more of the activation or effector type of cells and not too many that are having exhaustion markers. We also see that there's a like a dominance of CD4 T-cells and with some patients are also mounting a CD8 T-cells by time. We have during this extension phase of the 30, we have been collecting additional blood samples that are currently being analyzed in our lab. More to come on that. It's very exciting and since EVX-01 is giving us a monotherapy in this extension phase, we're also very curious of understanding what EVX-01 can drive on its own without having the background of the checkpoint inhibitors. Okay. 1 last question from me, this is on the EVX-04. In the interest of time, we will move to our next question. Our next question comes from the line of Tanya Van Hale from Jones. Hi. Thank you for taking our question. On the autoimmune disease program, can you provide more detail on your strategy for validating early candidates? Thank you. Thanks for the question. I mean, it's early. It's and we probably cannot provide more details. Birgitte, do you want to comment on how we think about it? Yes. The 1st step is to settle on an indication. We've done landscaping, we've done dry analysis on looking at the top 10 most prevalent autoimmune diseases, and we are now narrowing down which 1 could be the most, I would say, interesting from our perspective, whether it's a nice fit for AI-Immunology. That work is ongoing. We've almost completed it. Next step is to focus on building the additional smaller units that we will be needing in AI-Immunology to enable us to develop therapies for these diseases. In parallel we are also setting up mouse models in our lab, ensuring that we can also test the candidates that AI-Immunology is designing. That is the current plan. Pretty traditional way of analyzing or testing the candidates that AI-Immunology is designing. Great. Thank you very much. Thank you. This concludes today's question and answer session. I will now hand the call back to Helen Tayton-Martin, CEO, for closing remarks. Thank you very much for everyone participating on the call today. It's been a great year for 2025 of transforming the company for Evaxion, delivering on multiple milestones and leaving us in a stronger financial position than for some time, where we hope we can take the company forward and deliver on our 2026 milestones and continue to strengthen the value that comes from the platform and the assets. Thank you for your questions and your engagement, and we look forward to our next update. Thank you. Bye-bye. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

Speaker 4: Day, thank you for standing by. Welcome to the Evaxion Business Update and Full Year 2025 Financial Results webcast and conference call. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star and 1 again. Please be advised that today's conference is being recorded. Very sorry. I will now like to hand the conference over to your speaker today, Helen Tayton-Martin, CEO. Please go ahead. Day, thank you for standing by. day thank you for standing by Welcome to the Evaxion Business Update and Full Year 2025 Financial Results webcast and conference call. welcome to the evaxion business update and full year 2025 financial results webcast and 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 presentation, there will be a question and answer session. after the speaker presentation there will be a question and answer session To ask a question during the session, you will need to press star 1-1 on your telephone. to ask a question during the session you will need to press star 1-1 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 star and 1 again. to withdraw your question please press star and 1 again Please be advised that today's conference is being recorded. please be advised that today's conference is being recorded Very sorry. very sorry I will now like to hand the conference over to your speaker today, Helen Tayton-Martin, CEO. i will now like to hand the conference over to your speaker today helen tayton-martin ceo Please go ahead. please go ahead

Speaker 2: Thank you, good morning, everyone. Thank you for joining us for Evaxion business update following the reporting of our 2025 full year financial results yesterday. Apologies that this call is 24 hours later than we anticipated for technical reasons. We're delighted to be here today. My name is Helen Tayton-Martin, and I am honored to be leading this call for the first time as Evaxion's CEO. If we move to the 1st slide. Okay. On today's call, we will review the achievements of 2025 and touch on the milestones we anticipate for 2026. Our Chief Scientific Officer, Birgitte Rønø, will then walk through our key R&D updates from the year, including the latest innovations from our AI-Immunology platform. After which, our CFO, Thomas Schmidt, will walk through our 2025 financial results before we close with a few concluding remarks and take questions. Right. Thank you, good morning, everyone. thank you good morning everyone Thank you for joining us for Evaxion business update following the reporting of our 2025 full year financial results yesterday. thank you for joining us for evaxion business update following the reporting of our 2025 full year financial results yesterday Apologies that this call is 24 hours later than we anticipated for technical reasons. apologies that this call is 24 hours later than we anticipated for technical reasons We're delighted to be here today. we're delighted to be here today My name is Helen Tayton-Martin, and I am honored to be leading this call for the first time as Evaxion's CEO. my name is helen tayton-martin and i am honored to be leading this call for the first time as evaxion's ceo If we move to the 1st slide. if we move to the 1st slide Okay. okay On today's call, we will review the achievements of 2025 and touch on the milestones we anticipate for 2026. on today's call we will review the achievements of 2025 and touch on the milestones we anticipate for 2026 Our Chief Scientific Officer, Birgitte Rønø, will then walk through our key R&D updates from the year, including the latest innovations from our AI-Immunology platform. our chief scientific officer birgitte rønø will then walk through our key r&d updates from the year including the latest innovations from our ai-immunology platform After which, our CFO, Thomas Schmidt, will walk through our 2025 financial results before we close with a few concluding remarks and take questions. after which our cfo thomas schmidt will walk through our 2025 financial results before we close with a few concluding remarks and take questions Right. right Moving to the next slide. Of course, our comments and presentation today may contain forward-looking statements. All participants on today's call are referred to our filed SEC statements, and specifically our most recent 20th-year annual report for 2025 filed yesterday. Moving to the next slide. I will start with our 2025 achievements and our 2026 milestones. In 2025, we were very pleased to report tremendous progress across all core pillars of the company. First of all, in business development, we were delighted with the progress in our collaboration with MSD in our infectious disease portfolio, with the decision by Merck to exercise its option over our EVX-B3 program candidate. Moving to the next slide. moving to the next slide Of course, our comments and presentation today may contain forward-looking statements. of course our comments and presentation today may contain forward-looking statements All participants on today's call are referred to our filed SEC statements, and specifically our most recent 20th-year annual report for 2025 filed yesterday. all participants on today's call are referred to our filed sec statements and specifically our most recent 20th-year annual report for 2025 filed yesterday Moving to the next slide. moving to the next slide I will start with our 2025 achievements and our 2026 milestones. i will start with our 2025 achievements and our 2026 milestones In 2025, we were very pleased to report tremendous progress across all core pillars of the company. in 2025 we were very pleased to report tremendous progress across all core pillars of the company First of all, in business development, we were delighted with the progress in our collaboration with MSD in our infectious disease portfolio, with the decision by Merck to exercise its option over our EVX-B3 program candidate. first of all in business development we were delighted with the progress in our collaboration with msd in our infectious disease portfolio with the decision by merck to exercise its option over our evx-b3 program candidate Whilst the target for this program is not disclosed, we are very proud that this represents the first in-licensing to our knowledge of an infectious disease vaccine candidate identified and validated through an AI discovery platform. Whilst MSD chose not to exercise its option over our EVX-B2 candidate in gonorrhea, we remain very excited about the data and the prospects for this program over which we have retained full rights and have seen significant interest. We were also pleased to enter into a collaboration with The Gates Foundation on the design of a new polio vaccine and are also seeing significant interest in our platform and pipeline programs more broadly from a number of parties. In R&D, we were very pleased to be able to present very positive 2-year phase II data at ESMO on our EVX-01 program with a personalized neoantigen-directed cancer vaccine in advanced melanoma patients. Whilst the target for this program is not disclosed, we are very proud that this represents the first in-licensing to our knowledge of an infectious disease vaccine candidate identified and validated through an AI discovery platform. whilst the target for this program is not disclosed we are very proud that this represents the first in-licensing to our knowledge of an infectious disease vaccine candidate identified and validated through an ai discovery platform Whilst MSD chose not to exercise its option over our EVX-B2 candidate in gonorrhea, we remain very excited about the data and the prospects for this program over which we have retained full rights and have seen significant interest. whilst msd chose not to exercise its option over our evx-b2 candidate in gonorrhea we remain very excited about the data and the prospects for this program over which we have retained full rights and have seen significant interest We were also pleased to enter into a collaboration with The Gates Foundation on the design of a new polio vaccine and are also seeing significant interest in our platform and pipeline programs more broadly from a number of parties. we were also pleased to enter into a collaboration with the gates foundation on the design of a new polio vaccine and are also seeing significant interest in our platform and pipeline programs more broadly from a number of parties In R&D, we were very pleased to be able to present very positive 2-year phase II data at ESMO on our EVX-01 program with a personalized neoantigen-directed cancer vaccine in advanced melanoma patients. in r&d we were very pleased to be able to present very positive 2-year phase ii data at esmo on our evx-01 program with a personalized neoantigen-directed cancer vaccine in advanced melanoma patients We also presented preclinical data at ASH on our 1st cancer vaccine to a shared antigen based directed to a conserved endogenous retroviral or ERV elements that we have identified in AML patients with our EVX-04 program. In our infectious disease portfolio, we were also able to move forward a new program with candidates identified from our AI-Immunology platform against Group A Streptococcus. On the platform itself, the team has continued to innovate and use the platform to not only identify optimal vaccine candidates but improve their design biology for product delivery for us in our new automated module. Birgitte will touch on all of these achievements shortly. We were also honored by the recognition of our AI-Immunology platform by the Galien Foundation for AI advances in human health. We also presented preclinical data at ASH on our 1st cancer vaccine to a shared antigen based directed to a conserved endogenous retroviral or ERV elements that we have identified in AML patients with our EVX-04 program. we also presented preclinical data at ash on our 1st cancer vaccine to a shared antigen based directed to a conserved endogenous retroviral or erv elements that we have identified in aml patients with our evx-04 program In our infectious disease portfolio, we were also able to move forward a new program with candidates identified from our AI-Immunology platform against Group A Streptococcus. in our infectious disease portfolio we were also able to move forward a new program with candidates identified from our ai-immunology platform against group a streptococcus On the platform itself, the team has continued to innovate and use the platform to not only identify optimal vaccine candidates but improve their design biology for product delivery for us in our new automated module. on the platform itself the team has continued to innovate and use the platform to not only identify optimal vaccine candidates but improve their design biology for product delivery for us in our new automated module Birgitte will touch on all of these achievements shortly. birgitte will touch on all of these achievements shortly We were also honored by the recognition of our AI-Immunology platform by the Galien Foundation for AI advances in human health. we were also honored by the recognition of our ai-immunology platform by the galien foundation for ai advances in human health Finally, we were very pleased to see the capital influx to the business last year through financing, business development, and the use of our ATM, which now gives Evaxion a cash runway to the H2 of 2027. Thomas will talk more to this later. Moving to the next slide. Just as a reminder, Evaxion has built a broad novel product-focused pipeline of assets from its unique AI-Immunology platform, clinically validated with the cancer vaccine space with our EVX-01 peptide-based vaccine in advanced melanoma. Supported by assets and data on DNA and RNA platforms, and together with a preclinical pipeline of infectious disease vaccine candidates focused on challenging targets remaining intractable with conventional approaches and subject to significant medical need. Onto the next slide. Finally, we were very pleased to see the capital influx to the business last year through financing, business development, and the use of our ATM, which now gives Evaxion a cash runway to the H2 of 2027. finally we were very pleased to see the capital influx to the business last year through financing business development and the use of our atm which now gives evaxion a cash runway to the h2 of 2027 Thomas will talk more to this later. thomas will talk more to this later Moving to the next slide. moving to the next slide Just as a reminder, Evaxion has built a broad novel product-focused pipeline of assets from its unique AI-Immunology platform, clinically validated with the cancer vaccine space with our EVX-01 peptide-based vaccine in advanced melanoma. just as a reminder evaxion has built a broad novel product-focused pipeline of assets from its unique ai-immunology platform clinically validated with the cancer vaccine space with our evx-01 peptide-based vaccine in advanced melanoma Supported by assets and data on DNA and RNA platforms, and together with a preclinical pipeline of infectious disease vaccine candidates focused on challenging targets remaining intractable with conventional approaches and subject to significant medical need. supported by assets and data on dna and rna platforms and together with a preclinical pipeline of infectious disease vaccine candidates focused on challenging targets remaining intractable with conventional approaches and subject to significant medical need Onto the next slide. onto the next slide This unique capability with AI-Immunology is something that we have also begun to investigate within the autoimmune field, given a wider range of diseases driven by autoimmune attack and the direct applicability of our platform to focus on immune mechanisms in disease. Autoimmune diseases affect over 14 million patients annually in the U.S. and are characterized by chronic debilitating conditions, with treatment options focused primarily on the symptoms rather than the underlying cause of disease. Moving on to the next slide. This is why we believe our AI-Immunology platform is strongly positioned to focus on underlying disease mechanisms with greater specificity to identify autoimmune disease targets, which can be approached in different ways. There'll be more to come on this later in the year. Finally, on the next slide, turning to our 2026 milestones. This unique capability with AI-Immunology is something that we have also begun to investigate within the autoimmune field, given a wider range of diseases driven by autoimmune attack and the direct applicability of our platform to focus on immune mechanisms in disease. this unique capability with ai-immunology is something that we have also begun to investigate within the autoimmune field given a wider range of diseases driven by autoimmune attack and the direct applicability of our platform to focus on immune mechanisms in disease Autoimmune diseases affect over 14 million patients annually in the U.S. and are characterized by chronic debilitating conditions, with treatment options focused primarily on the symptoms rather than the underlying cause of disease. autoimmune diseases affect over 14 million patients annually in the u.s and are characterized by chronic debilitating conditions with treatment options focused primarily on the symptoms rather than the underlying cause of disease Moving on to the next slide. moving on to the next slide This is why we believe our AI-Immunology platform is strongly positioned to focus on underlying disease mechanisms with greater specificity to identify autoimmune disease targets, which can be approached in different ways. this is why we believe our ai-immunology platform is strongly positioned to focus on underlying disease mechanisms with greater specificity to identify autoimmune disease targets which can be approached in different ways There'll be more to come on this later in the year. there'll be more to come on this later in the year Finally, on the next slide, turning to our 2026 milestones. finally on the next slide turning to our 2026 milestones This year, we will be updating on our EVX-01 program with additional biomarker and immunogenicity data at AACR. The clinical data, 3-year data towards the later towards the end of the year. We will be talking more about the autoimmune applications of our AI-Immunology platform and bringing forward data on our new EVX-B4 candidate in Group A Streptococcus in the H2 of the year. Finally, be ready to submit our regulatory application for our next EVX-04 candidate vaccine, candidate for the shared ERV antigens in AML by the end of the year. Throughout, we remain committed to deriving value from both our platform and our pipeline assets through partnership for our shareholders and patients. I'll now hand over to Birgitte to update you further on our R&D achievements. This year, we will be updating on our EVX-01 program with additional biomarker and immunogenicity data at AACR. this year we will be updating on our evx-01 program with additional biomarker and immunogenicity data at aacr The clinical data, 3-year data towards the later towards the end of the year. the clinical data 3-year data towards the later towards the end of the year We will be talking more about the autoimmune applications of our AI-Immunology platform and bringing forward data on our new EVX-B4 candidate in Group A Streptococcus in the H2 of the year. we will be talking more about the autoimmune applications of our ai-immunology platform and bringing forward data on our new evx-b4 candidate in group a streptococcus in the h2 of the year Finally, be ready to submit our regulatory application for our next EVX-04 candidate vaccine, candidate for the shared ERV antigens in AML by the end of the year. finally be ready to submit our regulatory application for our next evx-04 candidate vaccine candidate for the shared erv antigens in aml by the end of the year Throughout, we remain committed to deriving value from both our platform and our pipeline assets through partnership for our shareholders and patients. throughout we remain committed to deriving value from both our platform and our pipeline assets through partnership for our shareholders and patients I'll now hand over to Birgitte to update you further on our R&D achievements. i'll now hand over to birgitte to update you further on our r&d achievements

Speaker 1: Thank you, Helen. 2025 marked a turning point with significant advancement across our R&D pipeline and also our AI platform. Additionally, as Helen alluded to, we also entered into the in-licensing agreement with MSD on the EVX-B3 program. Our 2025 focus has been on strengthening our platform's predictive power, maturing key R&D assets, and on building the foundation for future partnerships. The 2025 achievements position us well as we move towards the data-rich milestones in 2026 that Helen just presented. With that, I'll begin by walking through individual key programs and platform development. Next slide, please. EVX-01, our personalized peptide-based cancer vaccine in advanced melanomas, continues to deliver strong clinical data. Thank you, Helen. 2025 marked a turning point with significant advancement across our R&D pipeline and also our AI platform. thank you helen 2025 marked a turning point with significant advancement across our r&d pipeline and also our ai platform Additionally, as Helen alluded to, we also entered into the in-licensing agreement with MSD on the EVX-B3 program. additionally as helen alluded to we also entered into the in-licensing agreement with msd on the evx-b3 program Our 2025 focus has been on strengthening our platform's predictive power, maturing key R&D assets, and on building the foundation for future partnerships. our 2025 focus has been on strengthening our platform's predictive power maturing key r&d assets and on building the foundation for future partnerships The 2025 achievements position us well as we move towards the data-rich milestones in 2026 that Helen just presented. the 2025 achievements position us well as we move towards the data-rich milestones in 2026 that helen just presented With that, I'll begin by walking through individual key programs and platform development. with that i'll begin by walking through individual key programs and platform development Next slide, please. next slide please EVX-01, our personalized peptide-based cancer vaccine in advanced melanomas, continues to deliver strong clinical data. evx-01 our personalized peptide-based cancer vaccine in advanced melanomas continues to deliver strong clinical data Our 2-year phase II data presented at an oral session at ESMO in October showed strong clinical outcome, including a high objective response rate of 75% and complete response rate of 25%. Notably, 92% of the responders remained in response at this 2-year mark. Key biomarker data included the very high immunogenicity hit rate with 20 or 81% of all the individual new antigen administered across patients, giving rise to a specific T-cell response. This very impressive hit rate outcompetes data from similar programs conducted by others. This truly underlines the precision of our AI-Immunology platform to identify relevant vaccine targets. 2 key milestones are expected for this program, as Helen also alluded to. Additional biomarker and immunogenicity data expected in the H1 of 2026. Our 2-year phase II data presented at an oral session at ESMO in October showed strong clinical outcome, including a high objective response rate of 75% and complete response rate of 25%. our 2-year phase ii data presented at an oral session at esmo in october showed strong clinical outcome including a high objective response rate of 75% and complete response rate of 25% Notably, 92% of the responders remained in response at this 2-year mark. notably 92% of the responders remained in response at this 2-year mark Key biomarker data included the very high immunogenicity hit rate with 20 or 81% of all the individual new antigen administered across patients, giving rise to a specific T-cell response. key biomarker data included the very high immunogenicity hit rate with 20 or 81% of all the individual new antigen administered across patients giving rise to a specific t-cell response This very impressive hit rate outcompetes data from similar programs conducted by others. this very impressive hit rate outcompetes data from similar programs conducted by others This truly underlines the precision of our AI-Immunology platform to identify relevant vaccine targets. 2 key milestones are expected for this program, as Helen also alluded to. this truly underlines the precision of our ai-immunology platform to identify relevant vaccine targets 2 key milestones are expected for this program as helen also alluded to Additional biomarker and immunogenicity data expected in the H1 of 2026. additional biomarker and immunogenicity data expected in the h1 of 2026 We also plan to communicate the 3-year data from a subset of patients that are currently in an expansion part of the phase II study, and that will be reported in the H2 of 2026. Importantly, we aim to conduct future trials in partnership, ensuring the broadest possible impacts for patients. Moving to the next slide, EVX-04, our off-the-shelf therapeutic vaccine for acute myeloid leukemia or AML. We have generated a compelling preclinical evidence supporting its development. In this program, we are focusing on a completely novel class of tumor antigens, so-called endogenous retroviruses, or ERVs, that are selectively and highly expressed in AML blast, making them attractive as therapeutic targets. We also plan to communicate the 3-year data from a subset of patients that are currently in an expansion part of the phase II study, and that will be reported in the H2 of 2026. we also plan to communicate the 3-year data from a subset of patients that are currently in an expansion part of the phase ii study and that will be reported in the h2 of 2026 Importantly, we aim to conduct future trials in partnership, ensuring the broadest possible impacts for patients. importantly we aim to conduct future trials in partnership ensuring the broadest possible impacts for patients Moving to the next slide, EVX-04, our off-the-shelf therapeutic vaccine for acute myeloid leukemia or AML. moving to the next slide evx-04 our off-the-shelf therapeutic vaccine for acute myeloid leukemia or aml We have generated a compelling preclinical evidence supporting its development. we have generated a compelling preclinical evidence supporting its development In this program, we are focusing on a completely novel class of tumor antigens, so-called endogenous retroviruses, or ERVs, that are selectively and highly expressed in AML blast, making them attractive as therapeutic targets. in this program we are focusing on a completely novel class of tumor antigens so-called endogenous retroviruses or ervs that are selectively and highly expressed in aml blast making them attractive as therapeutic targets With AI-Immunology, we have identified millions of short ERV fragments from patient sequencing tumor data and designed the EVX-04 vaccines with 16 optimal ERV antigen fragments selected based on cross-patient relevance and also on their immunological potential. Key data include in vitro vaccination studies demonstrating that all of these 16 ERV fragments in the vaccine induce a strong specific immune response and further that EVX-04 prevents tumor growth in several mouse tumor models and induces strong T-cell responses. Again, these findings reinforces the power of our platform, and here we have expanded it to uncover unique tumor antigens that are not accessible through traditional discovery methods. Next slide, please. As we progress towards clinical readiness for EVX-04, we have completed key steps, including antigen selection and lead development. With AI-Immunology, we have identified millions of short ERV fragments from patient sequencing tumor data and designed the EVX-04 vaccines with 16 optimal ERV antigen fragments selected based on cross-patient relevance and also on their immunological potential. with ai-immunology we have identified millions of short erv fragments from patient sequencing tumor data and designed the evx-04 vaccines with 16 optimal erv antigen fragments selected based on cross-patient relevance and also on their immunological potential Key data include in vitro vaccination studies demonstrating that all of these 16 ERV fragments in the vaccine induce a strong specific immune response and further that EVX-04 prevents tumor growth in several mouse tumor models and induces strong T-cell responses. key data include in vitro vaccination studies demonstrating that all of these 16 erv fragments in the vaccine induce a strong specific immune response and further that evx-04 prevents tumor growth in several mouse tumor models and induces strong t-cell responses Again, these findings reinforces the power of our platform, and here we have expanded it to uncover unique tumor antigens that are not accessible through traditional discovery methods. again these findings reinforces the power of our platform and here we have expanded it to uncover unique tumor antigens that are not accessible through traditional discovery methods Next slide, please. next slide please As we progress towards clinical readiness for EVX-04, we have completed key steps, including antigen selection and lead development. as we progress towards clinical readiness for evx-04 we have completed key steps including antigen selection and lead development We have conducted preclinical efficacy studies and are currently conducting further human cell-based translational assays. CMC work and GMP manufacturing are advancing according to plan. The next major milestone for this program is the submission of the clinical trial application in the H2 of 2026, which enable first-in-human testing. This program is a prime example of how AI-Immunology accelerates vaccine design from concept through clinic. Next slide, please. Now turning to our key infectious disease programs. After retaining the full global rights to EVX-B2 late last year, we are now fully in control of the development of this highly differentiated vaccine candidate targeting Neisseria gonorrhoeae. Our preclinical data package is strong and comprehensive, demonstrating significant protection in a mouse infectious model. We have conducted preclinical efficacy studies and are currently conducting further human cell-based translational assays. CMC work and GMP manufacturing are advancing according to plan. we have conducted preclinical efficacy studies and are currently conducting further human cell-based translational assays. cmc work and gmp manufacturing are advancing according to plan The next major milestone for this program is the submission of the clinical trial application in the H2 of 2026, which enable first-in-human testing. the next major milestone for this program is the submission of the clinical trial application in the h2 of 2026 which enable first-in-human testing This program is a prime example of how AI-Immunology accelerates vaccine design from concept through clinic. this program is a prime example of how ai-immunology accelerates vaccine design from concept through clinic Next slide, please. next slide please Now turning to our key infectious disease programs. now turning to our key infectious disease programs After retaining the full global rights to EVX-B2 late last year, we are now fully in control of the development of this highly differentiated vaccine candidate targeting Neisseria gonorrhoeae. after retaining the full global rights to evx-b2 late last year we are now fully in control of the development of this highly differentiated vaccine candidate targeting neisseria gonorrhoeae Our preclinical data package is strong and comprehensive, demonstrating significant protection in a mouse infectious model. our preclinical data package is strong and comprehensive demonstrating significant protection in a mouse infectious model We have demonstrated broad efficacy against 50 clinically relevant isolates reflecting coverage across diverse strains and further induction of a significant humoral and cellular responses in mice. We have also demonstrated a well-established mechanism of action supported by potent antibody-dependent complement-mediated killing. Collectively, these results position EVX-B2 as one of the most advanced and differentiated infectious disease preclinical gonorrhoeae vaccine candidates in an area of high unmet need where no approved vaccine exists today. Given the strength of our data, we see a clear opportunity to engage with potential partners to progress the program towards clinical development. Next slide, please. Another of our key infectious disease vaccine programs is EVX-B1. In this program, we are developing a multi-target vaccine against cytomegalovirus or CMV. We have demonstrated broad efficacy against 50 clinically relevant isolates reflecting coverage across diverse strains and further induction of a significant humoral and cellular responses in mice. we have demonstrated broad efficacy against 50 clinically relevant isolates reflecting coverage across diverse strains and further induction of a significant humoral and cellular responses in mice We have also demonstrated a well-established mechanism of action supported by potent antibody-dependent complement-mediated killing. we have also demonstrated a well-established mechanism of action supported by potent antibody-dependent complement-mediated killing Collectively, these results position EVX-B2 as one of the most advanced and differentiated infectious disease preclinical gonorrhoeae vaccine candidates in an area of high unmet need where no approved vaccine exists today. collectively these results position evx-b2 as one of the most advanced and differentiated infectious disease preclinical gonorrhoeae vaccine candidates in an area of high unmet need where no approved vaccine exists today Given the strength of our data, we see a clear opportunity to engage with potential partners to progress the program towards clinical development. given the strength of our data we see a clear opportunity to engage with potential partners to progress the program towards clinical development Next slide, please. next slide please Another of our key infectious disease vaccine programs is EVX-B1. another of our key infectious disease vaccine programs is evx-b1 In this program, we are developing a multi-target vaccine against cytomegalovirus or CMV. in this program we are developing a multi-target vaccine against cytomegalovirus or cmv Instead of relying on a single glycoprotein or limited set of glycoproteins, the program integrates both these well-described glycoproteins and novel antigens to target the virus from multiple complementary angles. This broad multi-component strategy is designed to enhance vaccine efficacy and also to reduce the risk of viral escape. We have applied AI-Immunology for both antigen optimization of the known glycoproteins and for identification of truly novel antigens. First, we improved these established CMV antigens that are essential for virus neutralization. As part of this, we have engineered the glycoprotein B antigen by locking it in a prefusion state. This AI-Immunology designed construct has demonstrated a superior neutralization capacity compared to the native protein. Instead of relying on a single glycoprotein or limited set of glycoproteins, the program integrates both these well-described glycoproteins and novel antigens to target the virus from multiple complementary angles. instead of relying on a single glycoprotein or limited set of glycoproteins the program integrates both these well-described glycoproteins and novel antigens to target the virus from multiple complementary angles This broad multi-component strategy is designed to enhance vaccine efficacy and also to reduce the risk of viral escape. this broad multi-component strategy is designed to enhance vaccine efficacy and also to reduce the risk of viral escape We have applied AI-Immunology for both antigen optimization of the known glycoproteins and for identification of truly novel antigens. we have applied ai-immunology for both antigen optimization of the known glycoproteins and for identification of truly novel antigens First, we improved these established CMV antigens that are essential for virus neutralization. first we improved these established cmv antigens that are essential for virus neutralization As part of this, we have engineered the glycoprotein B antigen by locking it in a prefusion state. as part of this we have engineered the glycoprotein b antigen by locking it in a prefusion state This AI-Immunology designed construct has demonstrated a superior neutralization capacity compared to the native protein. this ai-immunology designed construct has demonstrated a superior neutralization capacity compared to the native protein Secondly, we are identifying and validating entirely novel antigens, and several of these have already demonstrated the ability to inhibit viral entry, and further, we are characterizing them at the moment. Supported by this strong preclinical data, EVX-B1 represent a highly promising program for continued development and for future partnership discussions. Next slide, please. Now turning to the recent development of our AI-Immunology platform. AI, our AI-Immunology platform continues to expand in capability. The platform integrates multi-omic data set to generate ranked antigen lists within 24 hours. In October last year, we launched an automated vaccine design module enabling sequence and structural optimization directly from the shortlisted antigens. This end-to-end automation significantly reduce cost, development time, and also risk. Next slide, please. Secondly, we are identifying and validating entirely novel antigens, and several of these have already demonstrated the ability to inhibit viral entry, and further, we are characterizing them at the moment. secondly we are identifying and validating entirely novel antigens and several of these have already demonstrated the ability to inhibit viral entry and further we are characterizing them at the moment Supported by this strong preclinical data, EVX-B1 represent a highly promising program for continued development and for future partnership discussions. supported by this strong preclinical data evx-b1 represent a highly promising program for continued development and for future partnership discussions Next slide, please. next slide please Now turning to the recent development of our AI-Immunology platform. now turning to the recent development of our ai-immunology platform AI, our AI-Immunology platform continues to expand in capability. ai our ai-immunology platform continues to expand in capability The platform integrates multi-omic data set to generate ranked antigen lists within 24 hours. the platform integrates multi-omic data set to generate ranked antigen lists within 24 hours In October last year, we launched an automated vaccine design module enabling sequence and structural optimization directly from the shortlisted antigens. in october last year we launched an automated vaccine design module enabling sequence and structural optimization directly from the shortlisted antigens This end-to-end automation significantly reduce cost, development time, and also risk. this end-to-end automation significantly reduce cost development time and also risk Next slide, please. next slide please More specifically, the automated module enhances design of soluble antigen constructs, enabling higher expression, better formulation, and improved manufacturability. This capability directs the design of soluble antigen constructs and also solubilizing antigens using inverse folding, producing more reliable antigen constructs than the wild-type variants. The result is a faster and more cost-effective design cycle, fully integrated into our antigen discovery and vaccine optimization workflow. This strengthens the foundation for all of our programs across oncology and infectious diseases. In conclusion, we have seen strong progress across our platform and our R&D pipeline, and we are encouraged by the momentum. We look forward to keeping you updated as we advance through 2026. With that, I will now hand over to Thomas, who will walk us through our financial results. More specifically, the automated module enhances design of soluble antigen constructs, enabling higher expression, better formulation, and improved manufacturability. more specifically the automated module enhances design of soluble antigen constructs enabling higher expression better formulation and improved manufacturability This capability directs the design of soluble antigen constructs and also solubilizing antigens using inverse folding, producing more reliable antigen constructs than the wild-type variants. this capability directs the design of soluble antigen constructs and also solubilizing antigens using inverse folding producing more reliable antigen constructs than the wild-type variants The result is a faster and more cost-effective design cycle, fully integrated into our antigen discovery and vaccine optimization workflow. the result is a faster and more cost-effective design cycle fully integrated into our antigen discovery and vaccine optimization workflow This strengthens the foundation for all of our programs across oncology and infectious diseases. this strengthens the foundation for all of our programs across oncology and infectious diseases In conclusion, we have seen strong progress across our platform and our R&D pipeline, and we are encouraged by the momentum. in conclusion we have seen strong progress across our platform and our r&d pipeline and we are encouraged by the momentum We look forward to keeping you updated as we advance through 2026. we look forward to keeping you updated as we advance through 2026 With that, I will now hand over to Thomas, who will walk us through our financial results. with that i will now hand over to thomas who will walk us through our financial results

Speaker 7: Yes. Thank you, Birgitte. Also warm welcome from my side to our call today. I will now walk you through the financial results for 2025. Turning to the next page, we have throughout 2025 been really successful in expanding on our cash runway and also strengthening on our equity side. This has happened throughout the year through public offering and the use of ATM we did in January, followed by the MSD exercise fee and the ATM use in September. Furthermore, the exercise of investor warrants from our January offering in October and November, all summing up to a cash inflow of $32 million. Yes. yes Thank you, Birgitte. thank you birgitte Also warm welcome from my side to our call today. also warm welcome from my side to our call today I will now walk you through the financial results for 2025. i will now walk you through the financial results for 2025 Turning to the next page, we have throughout 2025 been really successful in expanding on our cash runway and also strengthening on our equity side. turning to the next page we have throughout 2025 been really successful in expanding on our cash runway and also strengthening on our equity side This has happened throughout the year through public offering and the use of ATM we did in January, followed by the MSD exercise fee and the ATM use in September. this has happened throughout the year through public offering and the use of atm we did in january followed by the msd exercise fee and the atm use in september Furthermore, the exercise of investor warrants from our January offering in October and November, all summing up to a cash inflow of $32 million. furthermore the exercise of investor warrants from our january offering in october and november all summing up to a cash inflow of $32 million Furthermore, as also shown on this slide, our EIB debt to equity conversion done in July of $4.1 million, we've reduced certainly our future cash out and thereby certainly also expanding and extending our cash runway. Finally, with our filing in December of our prospectus supplement regarding our ATM, it has now created us with further flexibility and options as we move forward with expanding our pipeline and platform also. Really, really underlines the strong execution throughout the year. Turning to the next slide, that also leads into the highlights of 2025, where we really have delivered on all the targets that we set, and we are progressing towards our aim of becoming a sustainable self-funding business. Furthermore, as also shown on this slide, our EIB debt to equity conversion done in July of $4.1 million, we've reduced certainly our future cash out and thereby certainly also expanding and extending our cash runway. furthermore as also shown on this slide our eib debt to equity conversion done in july of $4.1 million we've reduced certainly our future cash out and thereby certainly also expanding and extending our cash runway Finally, with our filing in December of our prospectus supplement regarding our ATM, it has now created us with further flexibility and options as we move forward with expanding our pipeline and platform also. finally with our filing in december of our prospectus supplement regarding our atm it has now created us with further flexibility and options as we move forward with expanding our pipeline and platform also Really, really underlines the strong execution throughout the year. really really underlines the strong execution throughout the year Turning to the next slide, that also leads into the highlights of 2025, where we really have delivered on all the targets that we set, and we are progressing towards our aim of becoming a sustainable self-funding business. turning to the next slide that also leads into the highlights of 2025 where we really have delivered on all the targets that we set and we are progressing towards our aim of becoming a sustainable self-funding business Both revenue and costs have improved while at the same time we are continuing to invest in our platform and in our pipeline programs. As just mentioned on the previous slide, activities and execution of the MSD deal, the EIB debt conversion, our ATM and capital market activities have not only improved our cash position and runway but has also significantly strengthened our equity. With the improved cash runway and equity, we have created more stability and certainly have also reduced uncertainty. I think that is really, really also a highlight for 2025. Both revenue and costs have improved while at the same time we are continuing to invest in our platform and in our pipeline programs. both revenue and costs have improved while at the same time we are continuing to invest in our platform and in our pipeline programs As just mentioned on the previous slide, activities and execution of the MSD deal, the EIB debt conversion, our ATM and capital market activities have not only improved our cash position and runway but has also significantly strengthened our equity. as just mentioned on the previous slide activities and execution of the msd deal the eib debt conversion our atm and capital market activities have not only improved our cash position and runway but has also significantly strengthened our equity With the improved cash runway and equity, we have created more stability and certainly have also reduced uncertainty. with the improved cash runway and equity we have created more stability and certainly have also reduced uncertainty I think that is really, really also a highlight for 2025. i think that is really really also a highlight for 2025 Again, with the update of Form F-3 and ATM, we have removed the constraints of baby shelf, and also provides us far better flexibility and options in support of our long-term strategic initiatives and also the long-term plans we do have. Next slide is on our profit and loss statement. As I just mentioned, for revenue has improved, also we've improved on our operational costs. We've actually been successful in lowering our operational spend whilst at the same time delivering on the quality that we would want to do from a pipeline and platform perspective. Revenue certainly stems from our MSD option exercise, also important to mention, we also had a grant from the Gates Foundation that also has come in 2025. Apologies. Again, with the update of Form F-3 and ATM, we have removed the constraints of baby shelf, and also provides us far better flexibility and options in support of our long-term strategic initiatives and also the long-term plans we do have. again with the update of form f-3 and atm we have removed the constraints of baby shelf and also provides us far better flexibility and options in support of our long-term strategic initiatives and also the long-term plans we do have Next slide is on our profit and loss statement. next slide is on our profit and loss statement As I just mentioned, for revenue has improved, also we've improved on our operational costs. as i just mentioned for revenue has improved also we've improved on our operational costs We've actually been successful in lowering our operational spend whilst at the same time delivering on the quality that we would want to do from a pipeline and platform perspective. we've actually been successful in lowering our operational spend whilst at the same time delivering on the quality that we would want to do from a pipeline and platform perspective Revenue certainly stems from our MSD option exercise, also important to mention, we also had a grant from the Gates Foundation that also has come in 2025. revenue certainly stems from our msd option exercise also important to mention we also had a grant from the gates foundation that also has come in 2025 Apologies. apologies Net financial position of $0.6 million is driven by a premium that we received from our debt conversion, debt to equity conversion from the EIB. Against that goes remeasurement of a derivative liability as some of our warrants or our warrants from the public offering in January were in a different exchange setting, so USD versus our reporting of DKK. Net loss for the year $7.7 million, certainly an bettering compared to last year. As I said before, also a good step on the way of becoming a self-funding and profitable business. Net financial position of $0.6 million is driven by a premium that we received from our debt conversion, debt to equity conversion from the EIB. net financial position of $0.6 million is driven by a premium that we received from our debt conversion debt to equity conversion from the eib Against that goes remeasurement of a derivative liability as some of our warrants or our warrants from the public offering in January were in a different exchange setting, so USD versus our reporting of DKK. against that goes remeasurement of a derivative liability as some of our warrants or our warrants from the public offering in january were in a different exchange setting so usd versus our reporting of dkk Net loss for the year $7.7 million, certainly an bettering compared to last year. net loss for the year $7.7 million certainly an bettering compared to last year As I said before, also a good step on the way of becoming a self-funding and profitable business. as i said before also a good step on the way of becoming a self-funding and profitable business Next slide, on the balance sheet items, we ended the year with a cash position of $23 million with a runway that now is extended into half year 2 of 2027. Certainly also a significant improvement compared to last year. This of course will be used for operations expenses and investing into our platform and pipeline. We currently have a total outstanding ADS of 8.3 million when assuming that all shares have been converted into ADSs. We've also, through the investor warrant exercises, been reducing the outstanding warrants in terms of ADSs by 1 million, which leaves another 2.8 million warrants outstanding. Next slide, on the balance sheet items, we ended the year with a cash position of $23 million with a runway that now is extended into half year 2 of 2027. next slide on the balance sheet items we ended the year with a cash position of $23 million with a runway that now is extended into half year 2 of 2027 Certainly also a significant improvement compared to last year. certainly also a significant improvement compared to last year This of course will be used for operations expenses and investing into our platform and pipeline. this of course will be used for operations expenses and investing into our platform and pipeline We currently have a total outstanding ADS of 8.3 million when assuming that all shares have been converted into ADSs. we currently have a total outstanding ads of 8.3 million when assuming that all shares have been converted into adss We've also, through the investor warrant exercises, been reducing the outstanding warrants in terms of ADSs by 1 million, which leaves another 2.8 million warrants outstanding. we've also through the investor warrant exercises been reducing the outstanding warrants in terms of adss by 1 million which leaves another 2.8 million warrants outstanding Also an improvement, in that, and, really drives in the right direction. In summary, from a financial position, we have, during 2025, established a far better foundation that really makes us, puts us in a good position to continue our execution of strategy and business for 2026 and the years beyond. With that, I hand it back to Helen for some final concluding remarks. Also an improvement, in that, and, really drives in the right direction. also an improvement in that and really drives in the right direction In summary, from a financial position, we have, during 2025, established a far better foundation that really makes us, puts us in a good position to continue our execution of strategy and business for 2026 and the years beyond. in summary from a financial position we have during 2025 established a far better foundation that really makes us puts us in a good position to continue our execution of strategy and business for 2026 and the years beyond With that, I hand it back to Helen for some final concluding remarks. with that i hand it back to helen for some final concluding remarks

Speaker 2: Thanks, Thomas. Just moving to the last slide. In summary, 2025 was a year of strong operational momentum for Evaxion, in which we achieved several key milestones. Overall, we strengthened the business considerably through the validation of our strategy with our AI-Immunology platform, delivering on both data and partnerships. This, in turn, has enabled us to both strengthen our financial position and consolidate our position as a leader in AI-based drug discovery, design and early development. With a number of potential partnership discussions ongoing, we are already funded into the H2 of 2027 through the financial milestones achieved in 2025. We're in a good position to move forward through 2026. With that, I'll hand over to the operator for questions. Thanks, Thomas. thanks thomas Just moving to the last slide. just moving to the last slide In summary, 2025 was a year of strong operational momentum for Evaxion, in which we achieved several key milestones. in summary 2025 was a year of strong operational momentum for evaxion in which we achieved several key milestones Overall, we strengthened the business considerably through the validation of our strategy with our AI-Immunology platform, delivering on both data and partnerships. overall we strengthened the business considerably through the validation of our strategy with our ai-immunology platform delivering on both data and partnerships This, in turn, has enabled us to both strengthen our financial position and consolidate our position as a leader in AI-based drug discovery, design and early development. this in turn has enabled us to both strengthen our financial position and consolidate our position as a leader in ai-based drug discovery design and early development With a number of potential partnership discussions ongoing, we are already funded into the H2 of 2027 through the financial milestones achieved in 2025. with a number of potential partnership discussions ongoing we are already funded into the h2 of 2027 through the financial milestones achieved in 2025 We're in a good position to move forward through 2026. we're in a good position to move forward through 2026 With that, I'll hand over to the operator for questions. with that i'll hand over to the operator for questions

Speaker 4: Thank you. To ask a question, you will need to press * 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press * 1 and 1 again. Our 1st question today comes from the line of Thomas Flaten from Lake Street Capital Markets. Please go ahead. Thank you. thank you To ask a question, you will need to press * 1 and 1 on your telephone and wait for your name to be announced. to ask a question you will need to press * 1 and 1 on your telephone and wait for your name to be announced To withdraw your question, please press * 1 and 1 again. to withdraw your question please press * 1 and 1 again Our 1st question today comes from the line of Thomas Flaten from Lake Street Capital Markets. our 1st question today comes from the line of thomas flaten from lake street capital markets Please go ahead. please go ahead

Speaker 6: Hi, everybody. Thanks for taking the questions. Maybe to start broadly, Helen, you've been in the seat now for a few months. I'm just curious if you could provide some overarching commentary on, you know, what you have implemented or are going to implement, you know, any changes to strategy, any bigger picture notes like that could help us with context of your tenure. Hi, everybody. hi everybody Thanks for taking the questions. thanks for taking the questions Maybe to start broadly, Helen, you've been in the seat now for a few months. maybe to start broadly helen you've been in the seat now for a few months I'm just curious if you could provide some overarching commentary on, you know, what you have implemented or are going to implement, you know, any changes to strategy, any bigger picture notes like that could help us with context of your tenure. i'm just curious if you could provide some overarching commentary on you know what you have implemented or are going to implement you know any changes to strategy any bigger picture notes like that could help us with context of your tenure

Speaker 2: Sure. Thanks. Thanks, Thomas. Thanks for the question. I joined at the end of November last year, so the last 3 months have flown by, but I already had a strong impression from my prior seat on the Evaxion board. In terms of bigger picture changes, I think the fundamentals of Evaxion remain really strong. In fact, I think they have only got stronger through 2025. The ability to have an AI platform that is built up over many years, many iterations, grounded in data and testing of that data in the lab and ultimately in the clinic, has really strengthened the core offering. I remain really excited about the power of the platform in the oncology space and also in the infectious disease space. Sure. sure Thanks. thanks Thanks, Thomas. thanks thomas Thanks for the question. thanks for the question I joined at the end of November last year, so the last 3 months have flown by, but I already had a strong impression from my prior seat on the Evaxion board. i joined at the end of november last year so the last 3 months have flown by but i already had a strong impression from my prior seat on the evaxion board In terms of bigger picture changes, I think the fundamentals of Evaxion remain really strong. in terms of bigger picture changes i think the fundamentals of evaxion remain really strong In fact, I think they have only got stronger through 2025. in fact i think they have only got stronger through 2025 The ability to have an AI platform that is built up over many years, many iterations, grounded in data and testing of that data in the lab and ultimately in the clinic, has really strengthened the core offering. the ability to have an ai platform that is built up over many years many iterations grounded in data and testing of that data in the lab and ultimately in the clinic has really strengthened the core offering I remain really excited about the power of the platform in the oncology space and also in the infectious disease space. i remain really excited about the power of the platform in the oncology space and also in the infectious disease space I think we're sort of seeing a lot more traction around what we can do with the platform now, from external engagement. I think the fundamental strengths of, and core of what Evaxion has to offer, is even stronger now, than potentially before. I think in a world of AI everything, actually getting to products, actually producing candidates that can generate vaccines that generate a biological response and a clinical response is meaningful and is becoming recognized as meaningful, certainly in our partnering conversations, et cetera. I think that is core. Clear observation I had before coming into the company and certainly strengthened by all my observations within it, and even more impressed by the team that's in place that can deliver on this. I think we're sort of seeing a lot more traction around what we can do with the platform now, from external engagement. i think we're sort of seeing a lot more traction around what we can do with the platform now from external engagement I think the fundamental strengths of, and core of what Evaxion has to offer, is even stronger now, than potentially before. i think the fundamental strengths of and core of what evaxion has to offer is even stronger now than potentially before I think in a world of AI everything, actually getting to products, actually producing candidates that can generate vaccines that generate a biological response and a clinical response is meaningful and is becoming recognized as meaningful, certainly in our partnering conversations, et cetera. i think in a world of ai everything actually getting to products actually producing candidates that can generate vaccines that generate a biological response and a clinical response is meaningful and is becoming recognized as meaningful certainly in our partnering conversations et cetera I think that is core. i think that is core Clear observation I had before coming into the company and certainly strengthened by all my observations within it, and even more impressed by the team that's in place that can deliver on this. clear observation i had before coming into the company and certainly strengthened by all my observations within it and even more impressed by the team that's in place that can deliver on this I think in terms of the overall strategy, what Evaxion does well is that early discovery, that early validation, that deep scientific and informatic-embedded expertise. And we can certainly bring things forward into early clinical development, late pre-clinical, early clinical. I think what we're going through at the moment is a process of really, optimizing where we see the most value in the near term, both in terms of our oncology asset, but also, within the infectious disease area. I think we are not positioned to take too much further forward into the clinic, so we're being very cautious about that. We certainly see strength in the gate in getting interest from external parties around the assets that we've already got and actually the capability of the platform. I think in terms of the overall strategy, what Evaxion does well is that early discovery, that early validation, that deep scientific and informatic- embedded expertise. i think in terms of the overall strategy what evaxion does well is that early discovery that early validation that deep scientific and informatic- embedded expertise And we can certainly bring things forward into early clinical development, late pre-clinical, early clinical. and we can certainly bring things forward into early clinical development late pre-clinical early clinical I think what we're going through at the moment is a process of really, optimizing where we see the most value in the near term, both in terms of our oncology asset, but also, within the infectious disease area. i think what we're going through at the moment is a process of really optimizing where we see the most value in the near term both in terms of our oncology asset but also within the infectious disease area I think we are not positioned to take too much further forward into the clinic, so we're being very cautious about that. i think we are not positioned to take too much further forward into the clinic so we're being very cautious about that We certainly see strength in the gate in getting interest from external parties around the assets that we've already got and actually the capability of the platform. we certainly see strength in the gate in getting interest from external parties around the assets that we've already got and actually the capability of the platform No fundamental change to strategy, but I think a sharpening and a deepening of focus around the assets that will add the most value. I hope that's helpful. No fundamental change to strategy, but I think a sharpening and a deepening of focus around the assets that will add the most value. no fundamental change to strategy but i think a sharpening and a deepening of focus around the assets that will add the most value I hope that's helpful. i hope that's helpful

Speaker 6: That's great. Thank you, Helen. Just keying off of your last comment there about taking products into the clinic. You mentioned with EVX-04 in Birgitte's presentation that you would be looking to submit regulatory paperwork. Is that, is that a product that you think you have to take into phase I, given that ERVs are a bit new, a bit different, in order to attract partner interest? T hat's great. t hat's great Thank you, Helen. thank you helen Just keying off of your last comment there about taking products into the clinic. just keying off of your last comment there about taking products into the clinic You mentioned with EVX-04 in Birgitte's presentation that you would be looking to submit regulatory paperwork. you mentioned with evx-04 in birgitte's presentation that you would be looking to submit regulatory paperwork Is that, is that a product that you think you have to take into phase I, given that ERVs are a bit new, a bit different, in order to attract partner interest? is that is that a product that you think you have to take into phase i given that ervs are a bit new a bit different in order to attract partner interest

Speaker 2: I think that's a really good question. We are certainly preparing to take it into the clinic, and we believe that we can do that to gain some initial proof of concept. There's a lot of interest around the platform at that particular set of candidate antigens in the vaccine. I think we're doing some further validation work, which I think will continue to strengthen it. So the answer, in short, is not necessarily, but clearly the more credible validation data that we can add to the package, the stronger the value proposition, you know, to an external partner. That's obviously what we're what we're all about is maintaining the building the value for as long as we can to strengthen our position. I think that's a really good question. i think that's a really good question We are certainly preparing to take it into the clinic, and we believe that we can do that to gain some initial proof of concept. we are certainly preparing to take it into the clinic and we believe that we can do that to gain some initial proof of concept There's a lot of interest around the platform at that particular set of candidate antigens in the vaccine. there's a lot of interest around the platform at that particular set of candidate antigens in the vaccine I think we're doing some further validation work, which I think will continue to strengthen it. i think we're doing some further validation work which i think will continue to strengthen it So the answer, in short, is not necessarily, but clearly the more credible validation data that we can add to the package, the stronger the value proposition, you know, to an external partner. so the answer in short is not necessarily but clearly the more credible validation data that we can add to the package the stronger the value proposition you know, to an external partner That's obviously what we're what we're all about is maintaining the building the value for as long as we can to strengthen our position. that's obviously what we're what we're all about is maintaining the building the value for as long as we can to strengthen our position I think we're very confident about what we can do with it pre-clinically and potentially clinically. I think we're very confident about what we can do with it pre-clinically and potentially clinically. i think we're very confident about what we can do with it pre-clinically and potentially clinically

Speaker 6: That's great. Thank you very much. That's great. that's great Thank you very much. thank you very much

Speaker 2: Thank you. Thank you. thank you

Speaker 4: Thank you. Our next question today comes from the line of Michael Okunewitch from Maxim Group. Please go ahead. Thank you. thank you Our next question today comes from the line of Michael Okunewitch from Maxim Group. our next question today comes from the line of michael okunewitch from maxim group Please go ahead. please go ahead

Speaker 3: Hi there. Thank you so much for taking my questions today, and congrats on all the great progress you've made. Hi there. hi there Thank you so much for taking my questions today, and congrats on all the great progress you've made. thank you so much for taking my questions today and congrats on all the great progress you've made

Speaker 2: Thank you. Thank you. thank you

Speaker 3: I guess to start off, I'd just like to see if you could comment a little bit on the partnering efforts for EVX-01, and in particular, if there's anything that you've heard either in your feedback from partners that you think yourself would be particularly important for us to watch for from the upcoming data releases, whether that's the 3-year data or the biomarker immunogenicity. Is there anything in particular you think is key for driving these partnering discussions? I guess to start off, I'd just like to see if you could comment a little bit on the partnering efforts for EVX-01, and in particular, if there's anything that you've heard either in your feedback from partners that you think yourself would be particularly important for us to watch for from the upcoming data releases, whether that's the 3-year data or the biomarker immunogenicity. i guess to start off i'd just like to see if you could comment a little bit on the partnering efforts for evx-01 and in particular if there's anything that you've heard either in your feedback from partners that you think yourself would be particularly important for us to watch for from the upcoming data releases whether that's the 3-year data or the biomarker immunogenicity Is there anything in particular you think is key for driving these partnering discussions? is there anything in particular you think is key for driving these partnering discussions

Speaker 2: That's a really good question. I mean, clearly the cancer vaccine space has had something of a checkered past, you know, way back, but much more of a renaissance, I think, in the checkpoint era. I think our data is certainly resonating with companies who are interested in the cancer vaccine area, understand the nuances around getting I think strong cancer, strong antigens, personalized cancer antigens for not just immune recognition, but for clinical benefit. It is a complex therapy to administer, but it is also potentially an effective therapy. That's a really good question. that's a really good question I mean, clearly the cancer vaccine space has had something of a checkered past, you know, way back, but much more of a renaissance, I think, in the checkpoint era. i mean clearly the cancer vaccine space has had something of a checkered past you know way back but much more of a renaissance i think in the checkpoint era I think our data is certainly resonating with companies who are interested in the cancer vaccine area, understand the nuances around getting I think strong cancer, strong antigens, personalized cancer antigens for not just immune recognition, but for clinical benefit. i think our data is certainly resonating with companies who are interested in the cancer vaccine area understand the nuances around getting i think strong cancer strong antigens personalized cancer antigens for not just immune recognition but for clinical benefit It is a complex therapy to administer, but it is also potentially an effective therapy. it is a complex therapy to administer but it is also potentially an effective therapy I think the sorts of things that gain interest are the not just the response rate that we've seen at 2 years, 1 year, then 2 years at ESMO, but also the response, the recognition of the antigens, the numbers that Birgitte Rønø spoke to, and I'll ask her to add comment to this as well. I think we're in a strong position with that data, clinical data package that we have. The translational data I think is gonna be interesting. It continues to show why and how the, you know, the immune response is happening in parallel to the clinical response. That is, I think, a differentiator. Also in the population, the advanced population rather than the adjuvant melanoma population. I think the sorts of things that gain interest are the not just the response rate that we've seen at 2 years, 1 year, then 2 years at ESMO, but also the response, the recognition of the antigens, the numbers that Birgitte Rønø spoke to, and I'll ask her to add comment to this as well. i think the sorts of things that gain interest are the not just the response rate that we've seen at 2 years 1 year then 2 years at esmo but also the response the recognition of the antigens the numbers that birgitte rønø spoke to and i'll ask her to add comment to this as well I think we're in a strong position with that data, clinical data package that we have. i think we're in a strong position with that data clinical data package that we have The translational data I think is gonna be interesting. the translational data i think is gonna be interesting It continues to show why and how the, you know, the immune response is happening in parallel to the clinical response. it continues to show why and how the you know the immune response is happening in parallel to the clinical response That is, I think, a differentiator. that is i think a differentiator Also in the population, the advanced population rather than the adjuvant melanoma population. also in the population the advanced population rather than the adjuvant melanoma population Clearly, I think we're also seeing interest in this whole approach in other, high mutational burden, cancers too. Beyond melanoma, I think those are the differentiators, thinking about where else this is, this is applicable, acknowledging the different biological parameters, the translational insights that we're seeing that's somewhat different to how others have reported on this with similar approaches. Quite a bit of interest. To be honest, a number of companies are on the fence, but looking with interest and very interested in the shared approach, the shared antigen approach that our EVX-04 program offers. Birgitte, do you want to add some further comments? Clearly, I think we're also seeing interest in this whole approach in other, high mutational burden, cancers too. clearly i think we're also seeing interest in this whole approach in other high mutational burden cancers too Beyond melanoma, I think those are the differentiators, thinking about where else this is, this is applicable, acknowledging the different biological parameters, the translational insights that we're seeing that's somewhat different to how others have reported on this with similar approaches. beyond melanoma i think those are the differentiators thinking about where else this is this is applicable acknowledging the different biological parameters the translational insights that we're seeing that's somewhat different to how others have reported on this with similar approaches Quite a bit of interest. quite a bit of interest To be honest, a number of companies are on the fence, but looking with interest and very interested in the shared approach, the shared antigen approach that our EVX-04 program offers. to be honest a number of companies are on the fence but looking with interest and very interested in the shared approach the shared antigen approach that our evx-04 program offers Birgitte, do you want to add some further comments? birgitte do you want to add some further comments

Speaker 1: No doubt that the abili- Oh. No doubt that the abili- Oh. no doubt that the abili- oh

Speaker 2: Now? Now? now

Speaker 1: There's no doubt that the ability of our AI-Immunology platform to identify the relevant targets and is getting a lot of interest from potential partners and also from the academic community. With this 81% hit rate, as we call it, I think this is very impressive. We have of course looked at other similar programs and seen that most of them are reporting hit rates way below 60%, meaning that the antigens that they are including in their vaccines are not all able to induce a specific T-cell response. This is of course a testament to the precision of our platform. That's one of the key elements. There's no doubt that the ability of our AI-Immunology platform to identify the relevant targets and is getting a lot of interest from potential partners and also from the academic community. there's no doubt that the ability of our ai-immunology platform to identify the relevant targets and is getting a lot of interest from potential partners and also from the academic community With this 81% hit rate, as we call it, I think this is very impressive. with this 81% hit rate as we call it i think this is very impressive We have of course looked at other similar programs and seen that most of them are reporting hit rates way below 60%, meaning that the antigens that they are including in their vaccines are not all able to induce a specific T-cell response. we have of course looked at other similar programs and seen that most of them are reporting hit rates way below 60% meaning that the antigens that they are including in their vaccines are not all able to induce a specific t-cell response This is of course a testament to the precision of our platform. this is of course a testament to the precision of our platform That's one of the key elements. that's one of the key elements Another point that I would like to make is that we do see EVX-01 as not just a therapy for advanced melanoma. We believe that the same concept can be very useful in other indications where there are a high mutational burden, meaning that there are several antigens to choose from, and that includes many of the high prevalent cancer indications. It could be non-small cell lung cancer and also some of the colorectal cancers. Another point that I would like to make is that we do see EVX-01 as not just a therapy for advanced melanoma. another point that i would like to make is that we do see evx-01 as not just a therapy for advanced melanoma We believe that the same concept can be very useful in other indications where there are a high mutational burden, meaning that there are several antigens to choose from, and that includes many of the high prevalent cancer indications. we believe that the same concept can be very useful in other indications where there are a high mutational burden meaning that there are several antigens to choose from and that includes many of the high prevalent cancer indications It could be non-small cell lung cancer and also some of the colorectal cancers. it could be non-small cell lung cancer and also some of the colorectal cancers

Speaker 3: Thank you. I appreciate that additional color on that. As a follow-up, I wanted to ask if you could provide a bit more color on how you're applying the AI-Immunology platform to autoimmune disease. You identified this as a new area of interest. Do you expect that this would be more focused on allergies, or would you focus more on the major large autoimmune and inflammatory diseases? Any additional color you could provide on that would be helpful. Thank you. thank you I appreciate that additional color on that. i appreciate that additional color on that As a follow-up, I wanted to ask if you could provide a bit more color on how you're applying the AI-Immunology platform to autoimmune disease. as a follow-up i wanted to ask if you could provide a bit more color on how you're applying the ai-immunology platform to autoimmune disease You identified this as a new area of interest. you identified this as a new area of interest Do you expect that this would be more focused on allergies, or would you focus more on the major large autoimmune and inflammatory diseases? do you expect that this would be more focused on allergies or would you focus more on the major large autoimmune and inflammatory diseases Any additional color you could provide on that would be helpful. any additional color you could provide on that would be helpful

Speaker 2: Sure. I think the first thing to say is it's early in terms of our prioritization of the indications, but we've certainly done some work around that based on parameters which are. Birgitte, if you're happy to comment on that, I think high level in terms of what's guiding where we focus, that would be good. Sure. sure I think the first thing to say is it's early in terms of our prioritization of the indications, but we've certainly done some work around that based on parameters which are. i think the first thing to say is it's early in terms of our prioritization of the indications but we've certainly done some work around that based on parameters which are Birgitte, if you're happy to comment on that, I think high level in terms of what's guiding where we focus, that would be good. birgitte if you're happy to comment on that i think high level in terms of what's guiding where we focus that would be good

Speaker 1: Yes. We have done a lot of analysis on the most prevalent autoimmune diseases, and we do see a clear fit for our platform. I mean, we of course, need to further improve it and build a few additional smaller unit that allows us to apply AI-Immunology. We do have many things in place that can be directly applied in this area. We will of course share more when we have done both analysis on which key indications we will pursue and also on when we have done a little bit more work on adjusting AI-Immunology so it fits these diseases. Yes. yes We have done a lot of analysis on the most prevalent autoimmune diseases, and we do see a clear fit for our platform. we have done a lot of analysis on the most prevalent autoimmune diseases and we do see a clear fit for our platform I mean, we of course, need to further improve it and build a few additional smaller unit that allows us to apply AI-Immunology. i mean we of course need to further improve it and build a few additional smaller unit that allows us to apply ai-immunology We do have many things in place that can be directly applied in this area. we do have many things in place that can be directly applied in this area We will of course share more when we have done both analysis on which key indications we will pursue and also on when we have done a little bit more work on adjusting AI-Immunology so it fits these diseases. we will of course share more when we have done both analysis on which key indications we will pursue and also on when we have done a little bit more work on adjusting ai-immunology so it fits these diseases We should remember to say that there's a lot of these smaller units, we call them building blocks, that we can directly apply for these types of diseases. Not only for autoimmune diseases, but also for other diseases where there is a strong immunological component. Of course, we need to build a little bit, but the majority is already in AI-Immunology. We should remember to say that there's a lot of these smaller units, we call them building blocks, that we can directly apply for these types of diseases. we should remember to say that there's a lot of these smaller units we call them building blocks that we can directly apply for these types of diseases Not only for autoimmune diseases, but also for other diseases where there is a strong immunological component. not only for autoimmune diseases but also for other diseases where there is a strong immunological component Of course, we need to build a little bit, but the majority is already in AI-Immunology. of course we need to build a little bit but the majority is already in ai-immunology

Speaker 3: All right. Thank you very much. I appreciate your additional comments and look forward to future updates. All right. all right Thank you very much. thank you very much I appreciate your additional comments and look forward to future updates. i appreciate your additional comments and look forward to future updates

Speaker 1: Thank you. Thank you. thank you

Speaker 4: Thank you. Our next question today will come from the line of RK from H.C. Wainwright. Please go ahead. Thank you. thank you Our next question today will come from the line of RK from H.C. our next question today will come from the line of rk from h.c Wainwright. wainwright Please go ahead. please go ahead

Speaker 8: Thank you. This is RK from HC Wainwright. Good afternoon, Helen, Birgitte, and Thomas. To start off, Helen, a quick question for you. You know, you have, you know, basically been an architect in multi-billion dollar alliances at Adaptimmune, you know, especially the large deal that was transacted with GSK. Also, you have had a lot of experience in transactions. While Evaxion is technically a very strong company, they've always had a difficulty in translating that language into meaningful transactions. Of course, Merck is pretty strong partner. Thank you. thank you This is RK from HC Wainwright. this is rk from hc wainwright Good afternoon, Helen, Birgitte, and Thomas. good afternoon helen birgitte and thomas To start off, Helen, a quick question for you. to start off helen a quick question for you You know, you have, you know, basically been an architect in multi-billion dollar alliances at Adaptimmune, you know, especially the large deal that was transacted with GSK. you know you have you know basically been an architect in multi-billion dollar alliances at adaptimmune you know especially the large deal that was transacted with gsk Also, you have had a lot of experience in transactions. also you have had a lot of experience in transactions While Evaxion is technically a very strong company, they've always had a difficulty in translating that language into meaningful transactions. while evaxion is technically a very strong company they've always had a difficulty in translating that language into meaningful transactions Of course, Merck is pretty strong partner. of course merck is pretty strong partner Based on your experiences and, how you have managed to translate that, you know, what sort of, discussions could you have at this point, especially when, talking with large cap pharma, and convince them that an AI tool's predictability is as good as a physical assay, and get them to, start looking into, some of the products that, Evaxion is generating? Based on your experiences and, how you have managed to translate that, you know, what sort of, discussions could you have at this point, especially when, talking with large cap pharma, and convince them that an AI tool's predictability is as good as a physical assay, and get them to, start looking into, some of the products that, Evaxion is generating? based on your experiences and how you have managed to translate that you know what sort of discussions could you have at this point especially when talking with large cap pharma and convince them that an ai tool's predictability is as good as a physical assay and get them to start looking into some of the products that evaxion is generating

Speaker 2: Hello, RK. Thanks for the question. I think that there are probably multiple dimensions to that answer that question to the extent that it is possible to answer it at this point. 1 is that a lot of this is to do with timing. It's to do with data that validates that it's more than a sort of an AI platform. I think actually the fact that we have the scope to validate and iterate candidates, target discovery with candidate development, with candidate validation is something really novel that isn't sort of generally out there. Hello, RK. hello rk Thanks for the question. thanks for the question I think that there are probably multiple dimensions to that answer that question to the extent that it is possible to answer it at this point. 1 is that a lot of this is to do with timing. i think that there are probably multiple dimensions to that answer that question to the extent that it is possible to answer it at this point 1 is that a lot of this is to do with timing It's to do with data that validates that it's more than a sort of an AI platform. it's to do with data that validates that it's more than a sort of an ai platform I think actually the fact that we have the scope to validate and iterate candidates, target discovery with candidate development, with candidate validation is something really novel that isn't sort of generally out there. i think actually the fact that we have the scope to validate and iterate candidates target discovery with candidate development with candidate validation is something really novel that isn't sort of generally out there When I said timing, there's, there are obviously many of the large pharma, most of them will all have in-house AI platforms running in 1 form or another. But I don't think there are many that have got the sort of integrated, long sort of longitudinal depth of expertise that Evaxion has. Really this is about crystallizing the offering through the validation of the candidates we have and sort of being in dialogue with the right people. You mentioned my background was a long time, 17 years in my previous company, building relationships, establishing contact, understanding and listening to strategy, looking at the wider picture. These are all things that are very much part of how deals get done. When I said timing, there's, there are obviously many of the large pharma, most of them will all have in-house AI platforms running in 1 form or another. when i said timing there's there are obviously many of the large pharma most of them will all have in-house ai platforms running in 1 form or another But I don't think there are many that have got the sort of integrated, long sort of longitudinal depth of expertise that Evaxion has. but i don't think there are many that have got the sort of integrated long sort of longitudinal depth of expertise that evaxion has Really this is about crystallizing the offering through the validation of the candidates we have and sort of being in dialogue with the right people. really this is about crystallizing the offering through the validation of the candidates we have and sort of being in dialogue with the right people You mentioned my background was a long time, 17 years in my previous company, building relationships, establishing contact, understanding and listening to strategy, looking at the wider picture. you mentioned my background was a long time 17 years in my previous company building relationships establishing contact understanding and listening to strategy looking at the wider picture These are all things that are very much part of how deals get done. these are all things that are very much part of how deals get done Ultimately it's down to relationships and credibility, and really having something that fits a need. All I can say at this point is we're reworking up some of those approaches and some of those themes, in terms of how we are approaching potential partnering interactions. I have to say, though, that the Evaxion team is well-known with quite a few of these groups, but we're building and expanding that profile. I think that that's critical to, you know, the future success in partnering conversations. It's being what you say you are in front of the right people. Ultimately it's down to relationships and credibility, and really having something that fits a need. ultimately it's down to relationships and credibility and really having something that fits a need All I can say at this point is we're reworking up some of those approaches and some of those themes, in terms of how we are approaching potential partnering interactions. all i can say at this point is we're reworking up some of those approaches and some of those themes in terms of how we are approaching potential partnering interactions i I have to say, though, that the Evaxion team is well-known with quite a few of these groups, but we're building and expanding that profile. i have to say though that the evaxion team is well-known with quite a few of these groups but we're building and expanding that profile I think that that's critical to, you know, the future success in partnering conversations. i think that that's critical to you know the future success in partnering conversations It's being what you say you are in front of the right people. it's being what you say you are in front of the right people

Speaker 8: Perfect. No, thanks for that. Going into relationships with Merck, especially regarding EVX-B2, Merck decided to extend the evaluation of the molecule rather than exercise the option at this point. Is this a function of them trying to do additional experiments or functional assays, or are they requesting from you additional work so that they can come to a conclusion? Perfect. perfect No, thanks for that. no thanks for that Going into relationships with Merck, especially regarding EVX-B2, Merck decided to extend the evaluation of the molecule rather than exercise the option at this point. going into relationships with merck especially regarding evx-b2 merck decided to extend the evaluation of the molecule rather than exercise the option at this point Is this a function of them trying to do additional experiments or functional assays, or are they requesting from you additional work so that they can come to a conclusion? is this a function of them trying to do additional experiments or functional assays or are they requesting from you additional work so that they can come to a conclusion

Speaker 2: Sorry, you're referring to the extension that they had last year. Sorry, you're referring to the extension that they had last year. sorry you're referring to the extension that they had last year

Speaker 8: Yeah. Yeah. yeah

Speaker 2: before the decision there? I mean, we can't really comment on obviously the confidential nature of the interactions. All I can say is that sometimes it's sort of R&D programs when they are back and forth and shared between organizations don't always run to plan. Sometimes that requires looking at things again. Ultimately then, you know, there are time frames around things which have to, you know, are followed through. I think the reasons for not taking it up are sort of obviously their reasons and multi, you know, multidimensional. All I can say is that we remain really excited about the data. We actually continue to build data on the program internally throughout that period of time as well. before the decision there? before the decision there I mean, we can't really comment on obviously the confidential nature of the interactions. i mean we can't really comment on obviously the confidential nature of the interactions All I can say is that sometimes it's sort of R&D programs when they are back and forth and shared between organizations don't always run to plan. all i can say is that sometimes it's sort of r&d programs when they are back and forth and shared between organizations don't always run to plan Sometimes that requires looking at things again. sometimes that requires looking at things again Ultimately then, you know, there are time frames around things which have to, you know, are followed through. ultimately then you know there are time frames around things which have to you know are followed through I think the reasons for not taking it up are sort of obviously their reasons and multi, you know, multidimensional. i think the reasons for not taking it up are sort of obviously their reasons and multi you know multidimensional All I can say is that we remain really excited about the data. all i can say is that we remain really excited about the data We actually continue to build data on the program internally throughout that period of time as well. we actually continue to build data on the program internally throughout that period of time as well We feel very, very bullish and strong about the data package. You know, how and why, you know, Merck wanted to do, you know, certain work or is something we can't really add any more commentary on. We feel very, very bullish and strong about the data package. we feel very very bullish and strong about the data package You know, how and why, you know, Merck wanted to do, you know, certain work or is something we can't really add any more commentary on. you know how and why you know merck wanted to do you know certain work or is something we can't really add any more commentary on

Speaker 8: On the EVX-01 durability, Birgitte, so you have shown 92% of the responders showing sustainability, via at 24 months. Why, as we are, you know, looking forward to the sort of 3-year durability, what sort of exhaustion markers are you going to be tracking, so that we understand how well the durability is? On the EVX-01 durability, Birgitte, so you have shown 92% of the responders showing sustainability, via at 24 months. on the evx-01 durability birgitte so you have shown 92% of the responders showing sustainability via at 24 months Why, as we are, you know, looking forward to the sort of 3-year durability, what sort of exhaustion markers are you going to be tracking, so that we understand how well the durability is? why as we are you know looking forward to the sort of 3-year durability what sort of exhaustion markers are you going to be tracking so that we understand how well the durability is

Speaker 1: Thank you for that question, RK. It's correct that 92% of the responders remained in response after this 2-year mark. I guess your question was related to the T-cell exhaustion. Thank you for that question, RK. thank you for that question rk It's correct that 92% of the responders remained in response after this 2-year mark. it's correct that 92% of the responders remained in response after this 2-year mark I guess your question was related to the T-cell exhaustion. i guess your question was related to the t-cell exhaustion

Speaker 8: Mm-hmm Mm-hmm mm-hmm

Speaker 1: markers. Yes. markers. markers Yes. yes

Speaker 8: Yes. Yes. yes

Speaker 1: We do deep T-cell profiling looking at activation marker, exhaustion markers, and also at different phenotypes of the T-cells, so including CD4, CD8, but also looking into whether there are regulatory T-cells coming up. So far we have demonstrated that the profile of the T-cells are very favorable, so in more of the activation or effector type of cells and not too many that are having exhaustion markers. We also see that there's a like a dominance of CD4 T-cells and with some patients are also mounting a CD8 T-cells by time. We have during this extension phase of the 30, we have been collecting additional blood samples that are currently being analyzed in our lab. We do deep T-cell profiling looking at activation marker, exhaustion markers, and also at different phenotypes of the T-cells, so including CD4, CD8, but also looking into whether there are regulatory T-cells coming up. we do deep t-cell profiling looking at activation marker exhaustion markers and also at different phenotypes of the t-cells so including cd4 cd8 but also looking into whether there are regulatory t-cells coming up So far we have demonstrated that the profile of the T-cells are very favorable, so in more of the activation or effector type of cells and not too many that are having exhaustion markers. so far we have demonstrated that the profile of the t-cells are very favorable so in more of the activation or effector type of cells and not too many that are having exhaustion markers We also see that there's a like a dominance of CD4 T-cells and with some patients are also mounting a CD8 T-cells by time. we also see that there's a like a dominance of cd4 t-cells and with some patients are also mounting a cd8 t-cells by time We have during this extension phase of the 30, we have been collecting additional blood samples that are currently being analyzed in our lab. we have during this extension phase of the 30 we have been collecting additional blood samples that are currently being analyzed in our lab More to come on that. It's very exciting and since EVX-01 is giving us a monotherapy in this extension phase, we're also very curious of understanding what EVX-01 can drive on its own without having the background of the checkpoint inhibitors. More to come on that. more to come on that It's very exciting and since EVX-01 is giving us a monotherapy in this extension phase, we're also very curious of understanding what EVX-01 can drive on its own without having the background of the checkpoint inhibitors. it's very exciting and since evx-01 is giving us a monotherapy in this extension phase we're also very curious of understanding what evx-01 can drive on its own without having the background of the checkpoint inhibitors

Speaker 8: Okay. 1 last question from me, this is on the EVX-04. Okay. 1 last question from me, this is on the EVX-04. okay 1 last question from me this is on the evx-04

Speaker 4: In the interest of time, we will move to our next question. Our next question comes from the line of Tanya Van Hale from Jones. In the interest of time, we will move to our next question. in the interest of time we will move to our next question Our next question comes from the line of Tanya Van Hale from Jones. our next question comes from the line of tanya van hale from jones

Speaker 5: Hi. Thank you for taking our question. On the autoimmune disease program, can you provide more detail on your strategy for validating early candidates? Thank you. Hi. hi Thank you for taking our question. thank you for taking our question On the autoimmune disease program, can you provide more detail on your strategy for validating early candidates? on the autoimmune disease program can you provide more detail on your strategy for validating early candidates Thank you. thank you

Speaker 2: Thanks for the question. I mean, it's early. It's and we probably cannot provide more details. Birgitte, do you want to comment on how we think about it? Thanks for the question. thanks for the question I mean, it's early. i mean it's early It's and we probably cannot provide more details. it's and we probably cannot provide more details Birgitte, do you want to comment on how we think about it? birgitte do you want to comment on how we think about it

Speaker 1: Yes. The 1st step is to settle on an indication. We've done landscaping, we've done dry analysis on looking at the top 10 most prevalent autoimmune diseases, and we are now narrowing down which 1 could be the most, I would say, interesting from our perspective, whether it's a nice fit for AI-Immunology. That work is ongoing. We've almost completed it. Next step is to focus on building the additional smaller units that we will be needing in AI-Immunology to enable us to develop therapies for these diseases. In parallel we are also setting up mouse models in our lab, ensuring that we can also test the candidates that AI-Immunology is designing. That is the current plan. Yes. yes The 1st step is to settle on an indication. the 1st step is to settle on an indication We've done landscaping, we've done dry analysis on looking at the top 10 most prevalent autoimmune diseases, and we are now narrowing down which 1 could be the most, I would say, interesting from our perspective, whether it's a nice fit for AI-Immunology. we've done landscaping we've done dry analysis on looking at the top 10 most prevalent autoimmune diseases and we are now narrowing down which 1 could be the most i would say interesting from our perspective whether it's a nice fit for ai-immunology That work is ongoing. that work is ongoing We've almost completed it. we've almost completed it Next step is to focus on building the additional smaller units that we will be needing in AI-Immunology to enable us to develop therapies for these diseases. next step is to focus on building the additional smaller units that we will be needing in ai-immunology to enable us to develop therapies for these diseases In parallel we are also setting up mouse models in our lab, ensuring that we can also test the candidates that AI-Immunology is designing. in parallel we are also setting up mouse models in our lab ensuring that we can also test the candidates that ai-immunology is designing That is the current plan. that is the current plan Pretty traditional way of analyzing or testing the candidates that AI-Immunology is designing. Pretty traditional way of analyzing or testing the candidates that AI-Immunology is designing. pretty traditional way of analyzing or testing the candidates that ai-immunology is designing

Speaker 5: Great. Thank you very much. Great. great Thank you very much. thank you very much

Speaker 4: Thank you. This concludes today's question and answer session. I will now hand the call back to Helen Tayton-Martin, CEO, for closing remarks. Thank you. thank you This concludes today's question and answer session. this concludes today's question and answer session I will now hand the call back to Helen Tayton-Martin, CEO, for closing remarks. i will now hand the call back to helen tayton-martin ceo for closing remarks

Speaker 2: Thank you very much for everyone participating on the call today. It's been a great year for 2025 of transforming the company for Evaxion, delivering on multiple milestones and leaving us in a stronger financial position than for some time, where we hope we can take the company forward and deliver on our 2026 milestones and continue to strengthen the value that comes from the platform and the assets. Thank you for your questions and your engagement, and we look forward to our next update. Thank you. Bye-bye. Thank you very much for everyone participating on the call today. thank you very much for everyone participating on the call today It's been a great year for 2025 of transforming the company for Evaxion, delivering on multiple milestones and leaving us in a stronger financial position than for some time, where we hope we can take the company forward and deliver on our 2026 milestones and continue to strengthen the value that comes from the platform and the assets. it's been a great year for 2025 of transforming the company for evaxion delivering on multiple milestones and leaving us in a stronger financial position than for some time where we hope we can take the company forward and deliver on our 2026 milestones and continue to strengthen the value that comes from the platform and the assets Thank you for your questions and your engagement, and we look forward to our next update. thank you for your questions and your engagement and we look forward to our next update Thank you. thank you Bye-bye. bye-bye

Speaker 4: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect. Thank you. thank you This concludes today's conference call. this concludes today's conference call Thank you for participating. thank you for participating You may now disconnect. you may now disconnect