Q1 2025 Evaxion A/S Earnings Call Transcript
Key Points
- Evaxion AS (EVAX) has made strong progress across all parts of the business, including a solid business development pipeline.
- The partnership with Merck is on track, with a potential $10 million milestone if Merck exercises options in the second half of the year.
- EVX-01, a personalized cancer vaccine, is yielding positive data, with 80% of new antigens eliciting an immune response.
- Evaxion AS (EVAX) has a cash runway until mid-2026, providing financial stability for ongoing projects.
- The company has strengthened its equity position significantly, with a cash position of EUR17.8 million, up from EUR6 million at the end of 2024.
- The current turmoil in financial markets and increased regulatory uncertainty are impacting deal execution, with some potential partners pausing discussions.
- There is a risk of increased project costs in upcoming quarters, as spending is expected to pick up.
- The company recorded an operating loss of EUR3.9 million in Q1 2025, although this is an improvement from the previous year.
- Evaxion AS (EVAX) faces challenges with derivative liabilities due to currency exchange rates, which may impact financial results in future quarters.
- Despite positive developments, the company remains exposed to macroeconomic risks that could affect its business development targets.
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Good morning and good afternoon, everyone. A very warm welcome to this Evaxon business update call on the back of our Q1 2025 results. I'm Christian Kanstrup, CEO of Evaxion. With me today, I have, as usual, Birgitte Rono, our Chief Scientific Officer; Thomas Schmidt, Chief Financial Officer; and Mads Kronborg, our VP of Investor Relations and Communications.
For the agenda today, I will do the introduction. Birgitte, she will be doing the R&D update. Thomas will take us through the numbers. And I will end up concluding before we again, as usual, will jump into the Q&A.
Before we get going, I will direct your attention to this slide. We will be talking about forward-looking statements. And as always, when you talk about the future, that is uncertain. Hence, I direct your attention to the slide here.
With that, let's get going and let's look at the introduction. I think it's fair to say that we have had a super busy couple of months since the last business update. We have seen a
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