Full Press Release Details
Evaxion Biotech Announces Fourth Quarter and Full Year 2021 Financial
Results and Provides Business Update
Denmark, March 22, 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 fourth quarter and full-year 2021 financial results and provided an operational update.
Wegner, CEO of Evaxion, said: "Evaxion continued to demonstrate exciting clinical momentum in the fourth quarter of 2021,
beginning a clinical collaboration with Merck for a new Phase 2b trial, combining EVX-01 and Merck's KEYTRUDA , to address a
significant unmet medical need. On January 18, 2022, we received Australian clearance to begin this Phase 2b trial, which is a significant
step forward for Evaxion and our exciting pipeline of immunotherapies. Data from the previous Phase 1/2a trial have shown that EVX-01
may be able to improve the treatment landscape in melanoma and possibly other cancers and we are excited to continue the clinical progress
of our lead product candidate EVX-01 in collaboration with Merck. Our cash reserves of $32.2 million as of the end of the fourth quarter
provide a solid financial foundation and will facilitate the continued development of our lead programs."
Operational and Business Highlights in the Fourth Quarter
Events after the Reporting Period
Expected milestones in 2022
Full Year 2021 Financial Results
Webcast and Conference Call
Evaxion will host a webcast and conference call today, March 22,
To dial-in for the conference call, please use the following details:
International: +1-201-689-8263
Conference ID: 13727933
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.
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 |
| Niels Iversen Moller, M.D. | Corey Davis, Ph.D. |
| Chief Financial Officer | Managing Director |
| nim@evaxion-biotech.com | cdavis@lifesciadvisors.com |
| +45 27 11 62 27 | 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 prospectus filed on November 5, 2021 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
| Dec 31, | Dec 31, | |||||||
| 2021 | 2020 | |||||||
| Cash and cash equivalents | $ | 32,166 | $ | 5,834 | ||||
| Total assets | 40,163 | 11,965 | ||||||
| Total liabilities | 7,726 | 4,927 | ||||||
| Share capital | 3,755 | 2,648 | ||||||
| Other reserves | 79,114 | 31,669 | ||||||
| Accumulated deficit | (50,432 | ) | (27,279 | ) | ||||
| Total equity | 32,437 | 7,038 | ||||||
| Total liabilities and equity | $ | 40,163 | $ | 11,965 |
Consolidated Statements of Comprehensive Loss
(USD in thousands, except per share data)
| Three Months | Twelve months | |||||||||||||||
| Ended Dec 31 | Ended Dec 31 | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Research and development expenses | $ | 6,154 | $ | 2,854 | $ | 19,583 | $ | 10,902 | ||||||||
| General and administrative expenses | 1,567 | 1,796 | 6,251 | 5,666 | ||||||||||||
| Operating loss | (7,721 | ) | (4,650 | ) | (25,834 | ) | (16,568 | ) | ||||||||
| Finance income | 746 | 94 | 2,039 | 216 | ||||||||||||
| Finance expenses | (72 | ) | (216 | ) | (915 | ) | (223 | ) | ||||||||
| Net loss before tax | (7,047 | ) | (4,772 | ) | (24,710 | ) | (16,575 | ) | ||||||||
| Income tax benefit | (1,323 | ) | 503 | 178 | 1,557 | |||||||||||
| Net loss for the period | $ | (8,370 | ) | $ | (4,269 | ) | $ | (24,532 | ) | $ | (15,018 | ) | ||||
| Net loss attributable to equity holders of Evaxion Biotech A/S | $ | (8,370 | ) | $ | (4,269 | ) | $ | (24,532 | ) | $ | (15,018 | ) | ||||
| Loss per share - basic and diluted | $ | (0.39 | ) | $ | (0.27 | ) | $ | (1.26 | ) | $ | (0.97 | ) | ||||
| Number of shares used for calculation (basic and diluted) | 21,671,312 | 16,075,802 | 19,493,143 | 15,434,758 |