Evaxion Biotech (EVAX) investor relations material

Executive summary

• Achieved key Q1 2026 milestones, including 86% immunogenicity/target recognition in EVX-01 phase II melanoma, strong clinical responses, and completion of the trial's extension phase.

• Expanded AI-Immunology platform demonstrated scalability to glioblastoma and infectious diseases, with new preclinical data and a novel polio vaccine concept presented.

• Maintained disciplined resource allocation and confirmed cash runway into the second half of 2027.

• Strengthened leadership with promotion of Birgitte Rønø to CSO/COO and addition of Jens Bitsch-Nørhave to the board, enhancing business development and strategy.

• Ongoing business development and partnership discussions, with strong external interest in platform and pipeline assets.

Financial highlights

• Q1 2026 net loss was $3.6 million, or $0.01 per share, compared to $1.6 million in Q1 2025, mainly due to lower financial income.

• Operating expenses slightly reduced year-over-year; R&D expenses increased modestly to $2.3 million, while G&A expenses decreased to $1.5 million due to lower capital market costs.

• Cash and equivalents at March 31, 2026, were $18.4 million, down from $23.2 million at year-end 2025.

• Total equity at quarter-end was $13.2 million, compared to $17.0 million at December 31, 2025.

• Operational cash burn for 2026 projected at $14 million.

Outlook and guidance

• Three-year EVX-01 clinical outcome data expected in the second half of 2026 at a major scientific conference.

• Continued focus on advancing pipeline assets, including EVX-03, EVX-04, and multiple infectious disease programs.

• Expect further updates on autoimmune disease applications and additional partnership announcements later in the year.

• Cash position supports operations into the second half of 2027.

• Ongoing pursuit of strategic partnerships and business development deals.