Full Press Release Details
Evaxion Biotech Announces First Quarter 2022 Financial Results
and Provides Business Update
Copenhagen, Denmark, May 11, 2022 (GLOBE NEWSWIRE) -
Evaxion Biotech A/S (NASDAQ: EVAX) ("Evaxion" or the "Company"), a clinical-stage biotechnology company specializing
in the development of AI-driven immunotherapies, announced today the first quarter 2022 financial results and provided an operational
CEO of Evaxion, said: "Evaxion continued exciting clinical momentum in the first quarter of 2022, progressing our lead
cancer therapy towards a new Phase 2b clinical trial. The upcoming trial will combine EVX-01 with Merck's KEYTRUDA , for treatment
of patients with metastatic melanoma, a condition for which there is a significant unmet medical need. We also completed recruitment for
the Phase 1/2a clinical trial for our second cancer therapy, EVX-02, and we are advancing this product candidate into a dedicated Phase
2b clinical trial in patients with resectable melanoma. We believe that these are significant steps forward for Evaxion in our pursuit
to use our exciting pipeline of cancer therapies to improve the treatment landscape in melanoma and possibly other cancers. We are also
actively discussing potential partnerships with pharmaceutical and biotechnology companies, and we are optimistic about achieving solid
progress on this during 2022. Our cash reserves of $31.4 million as of the end of the first quarter provide a solid financial foundation
enabling the continued development of our lead programs."
Operational and Business Highlights in the First Quarter of
Events after the Reporting Period
Expected milestones in 2022
First Quarter 2022 Financial Results
Webcast and Conference Call
Evaxion will host a webcast and conference call today, May 11,
To dial-in for the conference call, please use the following details:
International: +1-201-689-8263
Conference ID: 13729241
Alternatively to access the audio webcast, please visit the events
page of Evaxion's website at:
KEYTRUDA is a registered trademark of Merck Sharp
& Dohme Corp., a subsidiary of Merck & Co., Inc. Kenilworth, NJ, USA.
ImmunoID NeXT Platform is a registered trademark of
Personalis, Menlo Park, CA, USA.
Evaxion Biotech A/S is a clinical-stage AI-immunology platform
company decoding the human immune system to discover and develop novel immunotherapies to treat cancer, bacterial diseases and viral infections.
Based on its proprietary and scalable AI-immunology core technology, Evaxion is developing a broad pipeline of novel product candidates
which currently includes three patient-specific cancer immunotherapies.
For more information
| Evaxion Biotech A/S | LifeSci Advisors LLC |
| Jesper Nyegaard Nissen | Corey Davis, Ph.D. |
| Chief Financial Officer | Managing Director |
| jnn@evaxion-biotech.com | cdavis@lifesciadvisors.com |
| +45 93 83 20 33 | 212-915-2577 |
Source: Evaxion Biotech
Forward-looking statement
This announcement contains forward-looking statements
that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this announcement
regarding the Company's future operations, plans and objectives are forward-looking statements. Although the Company believes its
expectations are based on reasonable assumptions, all statements other than statements of historical fact included in this announcement
about future events are subject to (i) change without notice and (ii) factors beyond the Company's control. These statements may
include, without limitation, any statements preceded by, followed by, or including words such as "target," "believe,"
"expect," "hope," "aim," "intend," "may," "might," "anticipate,"
"contemplate," "continue," "estimate," "plan," "potential," "predict,"
"project," "will," "can have," "likely," "should," "would," "could",
and other words and terms of similar meaning or the negative thereof. Actual results may differ materially from those indicated by such
forward-looking statements as a result of various factors, including but not limited to: risks associated with the Company's financial
condition and need for additional capital; risks associated with the Company's development work; cost and success of the Company's
product development activities and preclinical and clinical trials; risks related to commercializing any approved pharmaceutical product
developed using the Company's AI platform technology, including the rate and degree of market acceptance of the Company's
product candidates; risks related to the Company's dependence on third parties including for conduct of clinical testing and product
manufacture; risks associated with the Company's inability to enter into partnerships; risks related to government regulation; risks
associated with protection of the Company's intellectual property rights; risks related to employee matters and managing growth;
risks related to the Company's ADSs and ordinary shares, risks associated with the pandemic caused by the coronavirus known as COVID-19
and its variants such as Delta and Omicron, risks associated with the recent invasion of the Ukraine by Russia and other risks and uncertainties
affecting the Company's business operations and financial condition.
Forward-looking statements are subject to
inherent risks and uncertainties beyond the Company's control that could cause the Company's actual results,
performance, or achievements to be materially different from the expected results, performance, or achievements expressed or implied
by such forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to
differ from those expressed in these forward-looking statements, as well as risks relating to the Company's business in
general, see the risks described in the "Risk Factors" section included in the Company's Annual Report on Form
20-F filed on March 31, 2022 and the Company's current and future reports filed with, or submitted to, the U.S. Securities
and Exchange Commission (SEC). Any forward-looking statements contained in this announcement speak only as of the date hereof, and
except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the
reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information
becomes available in the future.
Consolidated Statements of Financial Position
| Mar 31, | Dec 31, | |||||||
| 2022 | 2021 | |||||||
| Cash and cash equivalents | $ | 31,409 | $ | 32,166 | ||||
| Total assets | 41,083 | 40,163 | ||||||
| Total liabilities | 14,694 | 7,726 | ||||||
| Share capital | 3,755 | 3,755 | ||||||
| Other reserves | 78,512 | 79,114 | ||||||
| Accumulated deficit | (55,878 | ) | (50,432 | ) | ||||
| Total equity | 26,389 | 32,437 | ||||||
| Total liabilities and equity | $ | 41,083 | $ | 40,163 |
Consolidated Statements of Comprehensive
Loss Data (Unaudited)
(USD in thousands, except per share data)
| Three months | ||||||||
| Ended Mar 31 | ||||||||
| 2022 | 2021 | |||||||
| Research and development expenses | $ | 4,804 | $ | 3,893 | ||||
| General and administrative expenses | 1,595 | 1,282 | ||||||
| Operating loss | (6,399 | ) | (5,175 | ) | ||||
| Finance income | 519 | 972 | ||||||
| Finance expenses | (158 | ) | (297 | ) | ||||
| Net loss before tax | (6,038 | ) | (4,500 | ) | ||||
| Income tax benefit | 247 | 407 | ||||||
| Net loss for the period | $ | (5,791 | ) | $ | (4,093 | ) | ||
| Net loss attributable to equity holders of Evaxion Biotech A/S | $ | (5,791 | ) | $ | (4,093 | ) | ||
| Loss per share - basic and diluted | $ | (0.25 | ) | $ | (0.23 | ) | ||
| Number of shares used for calculation (basic and diluted) | 23,203,808 | 17,865,335 |